February 2010

A Strong bond of Trust

As we move into a new year, we’re encouraged by a fresh outlook for the markets.

We can take comfort in the fact that the Canadian economy did not get hit as hard as the US, UK and Europe and has rebounded strongly over the past nine months. While we are seeing positive signs in the global capital markets the other G8 economies are still somewhat fragile and may not have a smooth recovery. We know it’s been a challenging time, and we want you to know how much we appreciate and value your continued support and trust. Thank you for your vote of confidence in us!

Your loyalty has been rewarded by strong results. The volatility of the past couple of years has demonstrated the soundness of PWL’s disciplined approach to risk management. While we were certainly not immune to the downturn, our disciplined investment philosophy and emphasis on managing risk protected you from the worst ravages of the bear market and placed your portfolios in a strong position to benefit from the recovery. We will continue to hold fast to our principles, as we look for ways to manage investment risk even more effectively.

A new year brings new changes at PWL as well. As part of our continued expansion strategy, I’m pleased to announce that we’ve formed a strategic alliance with Bengest Inc., a partnership between René Perreault of HR Strategies and Capital Benoit. René Perreault, who has been a great supporter of PWL since our inception in 1996, introduced us to Capital Benoit and after lengthy discussions, we determined that we had a common vision for expansion of PWL over the long term. As a result we offered Bengest a small stake in PWL in exchange for their ability to help us grow through acquisition of other like-minded firms in Canada.

Finally, I’m very excited to announce new appointments at PWL. After two years as Chief Operating Officer, Brenda Bartlett has been named as President of our firm. This well-deserved promotion puts the management of PWL into extremely capable hands, while allowing James Parkyn and myself to devote our full attention to providing quality client service, which has always been our passion since founding PWL. As President and COO, Brenda will focus on searching out suitable opportunities for acquisition and expansion.

I’m also pleased to announce that Lynn Dery-Capes has joined PWL as our Director of Finance & HR, and Michael Simioni has joined PWL as Senior Director, Operations and Compliance and is our Chief Compliance Officer.

Please join me in welcoming these newcomers on board, as we move full steam ahead into 2010!