Investor Day 2025
Annual investor day themed on independent investing in a consolidating industry.
Investment Management
Independent Canadian boutique running small-cap, high-yield and activist strategies plus private wealth for affluent families.
Ewing Morris is an independent Canadian investment boutique founded in June 2011 by John Ewing and Darcy Morris, both formerly of Burgundy Asset Management. It started in small-cap equities, then added high-yield credit, shareholder activism and a private wealth arm built on an endowment-style model, and says it manages about $1 billion for nearly 500 client families. Its funds are sold to accredited Canadian investors only. For students, the main entry point is the four-month paid Ewing Morris Fellowship on the investment team, which runs three times a year.
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Custom portfolio management for affluent Canadian families, entrepreneurs and executives, with estate and tax planning, built on the firm's proprietary Ewing Morris Endowment Model.
The firm's original business: concentrated small- and mid-cap equity funds, including a US small-cap strategy.
Credit strategy launched with the 2015 hiring of Randy Steuart as founding portfolio manager of the Ewing Morris Flexible Fixed Income Fund LP.
Activist and special-situation investing, including vehicles for single positions, such as the 2025 partial offer for BTB REIT units.
The official Connect page lists only a (416) phone line and a contact directory, with no street address. Toronto is the base implied by the phone number and the firm's own writing; no other offices are mentioned. This list may be incomplete.
| Toronto | ON | headquarters |
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From the inside
Reasons that work in interviews
3 reasons for Ewing Morris & Co.
The firm’s investment philosophy is published and almost no candidate reads it. Quoting a manager’s own stated criteria back to them, with one company you applied it to, beats any structural reason here. Say which part you agree with and, if you can defend it, one part you would push on.
Founded by two young investors who built the firm from nothing, which is an unusually motivating origin story to engage with.
Small-cap value and credit strategies in less-covered Canadian names.
Very small team, so an analyst's work goes directly into the portfolio.
Coming soon
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When they’re in, they’ll be part of BSO Pro, which already has candidate reports for dozens of firms.
Interviewing there sooner than that? Get in touch and we’ll help you prepare.
Programs
Investment internship (fellowship) · Toronto
Modestly paid, full-time four-month placement on the investment team, focused on public companies. As a rule each fellow does one term only. Applicants submit a resume, transcript and an original written research report with a recommendation (decks are not accepted). Shortlisted candidates write a second assigned report, and finalists interview with CIO John Ewing.
Typical background
GuidanceNo prior finance experience required; a student investment fund or one relevant internship helps.
Chief Investment Officer & Co-Founder
Investments
Co-founded the firm with Darcy Morris in June 2011 and leads the investment team. He was previously Director of Research at Burgundy Asset Management and lead analyst on its Canadian Small Cap Fund. He interviews the final candidates for the Fellowship himself.
Chief Executive Officer & Co-Founder
Executive
Co-founder and CEO who sets the firm's strategy across high-yield credit, small and mid-cap equities, activism and niche real estate. Before founding the firm he was an Associate at Burgundy Asset Management and a Portfolio Manager at MacDougall, MacDougall & MacTier. He also writes publicly on Canadian capital markets.
General Counsel, Chief Operating & Compliance Officer
Operations, Legal & Compliance
Joined in July 2018 and runs operations, compliance and legal. She spent five years as Vice President, Legal & Compliance at BlackRock Canada and started her career as a corporate lawyer at Osler, Hoskin & Harcourt.
Partner, Investments
Investments
Joined in 2024 from Aventine, where he was Managing Partner and Portfolio Manager; several Aventine colleagues joined at the same time. Earlier he managed funds at another Toronto independent firm and worked as a quantitative investment consultant.
Partner, Investments
Investments (fixed income)
Joined in 2015 as founding portfolio manager of the Ewing Morris Flexible Fixed Income Fund LP. He previously ran high-yield and senior loan assets at Norrep Capital Management and was a partner and high-yield analyst at Marret Asset Management.
Partner, Investments
Investments (US small cap)
Joined in 2026 to work on the US Small Cap strategy. He was previously Managing Director and Head of Research for Public Equities at Ontario Teachers' Pension Plan.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
2026
Dennis SnopkowskiHire
Partner, Investments
Ontario Teachers' Pension Plan → Ewing Morris & Co. Investment Partners
Hired from OTPP in 2026 to work on the US Small Cap strategy. The official bio gives the year only.
2024
James TelfserTeam build
Partner, Investments
Aventine Management Group → Ewing Morris & Co. Investment Partners
Telfser joined from Aventine in 2024, along with Aventine colleagues Jim Pottow (Partner and CCO there), David Pepall (Portfolio Manager) and Nicholas Hart (Senior Associate). Official bios give the year only.
Sep 4, 2025
BTB Real Estate Investment Trust (units)
Acquirer · Real estate (REIT)
Buyer Ewing Morris (managed vehicles and accounts) · Seller Tendering BTB unitholders
All-cash offer for up to 8 million units of Montreal-based BTB REIT, raised from $3.80 to a final $4.10 per unit. The offer was oversubscribed; completion was announced on 2025-10-20, leaving Ewing Morris with about 9.85% of the units.
Annual investor day themed on independent investing in a consolidating industry.
The firm completed its oversubscribed $4.10-per-unit offer and will hold about 9.85% of BTB REIT.
Offer raised to $4.10 per unit for up to 8 million units (about $32.8 million).
Ewing Morris first announces an all-cash offer for BTB REIT units, initially at $3.80 per unit.
Darcy Morris op-ed, reposted on the firm site, arguing that take-privates such as Desjardins' purchase of Guardian Capital are shrinking Canada's public markets.
John Ewing and Darcy Morris co-found Ewing Morris & Co. Investment Partners.
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Ewing Morris · Nov 15, 2025 · ewingmorris.com
Ewing Morris · Oct 20, 2025 · ewingmorris.com
Ewing Morris · Oct 2, 2025 · ewingmorris.com
Ewing Morris (repost of The Globe and Mail op-ed) · Sep 3, 2025 · ewingmorris.com
Ewing Morris · Date unavailable · ewingmorris.com
Ewing Morris · Date unavailable · ewingmorris.com
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Ewing Morris · Date unavailable · ewingmorris.com
Ewing Morris · Date unavailable · ewingmorris.com
Ewing Morris · Date unavailable · ewingmorris.com
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