R. Malcolm Gilroy

Chief Investment Officer
mgilroy@paxterrainc.com

Profession: Capital Markets, Risk & Governance
Nationality: Canadian/British
Membership in Professional Societies:

  • Fellow of The Canadian Securities nstitute
  • Member of The Institute of Corporate Directors

Key Achievements

  • Over thirty years in the investment banking and asset management business I have managed and built new departments, introduced new asset classes, increased penetration and revenues for a number of operations. In addition as a Director of a number of these institutions I have actively improved their corporate governance from a Board level as well as an executive level.
  • Technical Advisor to the IFC (Member of the World Bank Group) on a project in Nigeria wherein we advised the Nigerian Government on measures to be taken to rejuvenate their then dormant fixed income market. This was successfully completed in 2004 and today Nigeria boasts a 20 year yield curve.
  • As the DMD for UBA Global Markets. built and managed the trading operation and was highly instrumental in the purchase and staffing of Afrinvest Ltd. an FSA regulated boutique investment bank in London.
  • Built the first International Fixed Income Fund in Canada in 1993 (The Laketon Foreign Bond Fund). During this time I was also one of the first investment counsels to also be licensed as a Commodity Trading Advisor (CTA)
  • Ran the Treasury operations for a number of foreign banks in Canada, operating in the global fixed income, foreign exchange and equity markets
  • Built and managed one of the first and largest FRA books in the world at Chemical Bank of Canada, in 1982.

Current Directorships

  • CDCSL Nigeria
    Chair of Risk and Investment Committee

    2015 – present
    A newly formed private equity and investment company
  • The Jane Goodall Institute of Canada
    Member of the Board of Directors

    2015 – present
    Founded by renowned primatologist Jane Goodall, the Jane Goodall Institute is a global nonprofit that empowers people to make a difference for all living things.

Previous Directorships

  • Amyotrophic Lateral Sclerosis Society of Canada – 1987 – 1997
    President and Chairman of the Board – 1990 – 1992

    A large not for profit organization, with regional offices across the country, committed to:

    • Support research towards a cure for ALS.
    • Support provincial ALS societies in their provision of quality care for persons living with ALS.
    • Build public awareness of ALS and its impact.
  • UBA Global Markets – 1987 – 1997
    President and Chairman of the Board – 1990 – 1992
  • The Lagos Caledonian Society – 2010 – 2013
    Honorary Secretary / Treasurer

    The LCS organized three formal Scottish Balls per annum and a golf tournament, with the proceeds going to various chosen and monitored charities, throughout Nigeria.


Career Chronology

  • Chief Investment Officer, PaxTerra
    2015 – present
    Recently established firm focused on emerging markets, private equity, trade and professional services.
  • Independent Consultant
    2014 – 2015
    Clients include The World Bank Group, for whom I am worked as a Technical Advisor in East Africa helping four states build a regional fixed income market and the Federal Mortgage Bank of Nigeria who are undergoing a full scale restructuring.
  • Dunn Loren Merrifield
    Global Head, Sales and Trading

    2012 – 2013
    Managed the sales and trading group with operations in equities; fixed income and currencies. Participated in the general management of the firm.
  • Afrinvest West Africa Ltd
    Executive Director, Head of Asset Management

    2010 – 2012
    Participated in the general management of the company; built a more robust corporate governance process and ran the asset management group.
  • FDHL Group
    Managing Director

    2009 – 2010
    Together with the CEO managed the consulting operation and participated in training sessions for many clients in the financial markets of Nigeria. Consulting clients included amongst others The Central Bank of Nigeria; The SEC and First Bank of Nigeria.
  • UBA Group
    Deputy General Manager
  • UBA Capital
    Global Head Wealth Management
    Global Head Sales & Trading
  • UBA Global Markets Ltd
    Deputy Managing Director/CEO

    2006 – 2009
    Joined UBA Global Markets shortly after its inception in 2005. Responsible for building the Global Sales & Trading operation, managing the PDMM activities of the bank and sat on Group ALCO.

    Later established the Global Wealth Management cluster for UBA Capital. This included oversight and responsibility for the activities of UBA Stockbrokers, UBA Asset Management, UBA Insurance Brokers.

    Took over the oversight of UBA Asset Management and restructured 4 existing funds and their Guaranteed Deposit product; installed a professional investment committee and planned the building of a multi-product wealth management team. Developed corporate governance regime, management systems, budget and operating procedures for the cluster.

  • Meridian Global Investors Inc.
    Portfolio Manager/Partner

    2004 – 2006
    Merged with
  • Cambrian Capital Management Inc.
    2000 – 2004
    President and CEO (Founding partner)

    • Founded and built CCM into an institutional and retail Investment Counsel. Regulated by the Ontario Securities Commission. We managed retail funds for retired teachers and mutual funds in the equity and debt sectors for major fund management companies. Merged CCN with NGI and continued in the same business sector.
  • On assignment to The World Bank Group
    Technical Advisor

    2004 – 2006

    • Advised various stake-holders in the Nigerian Capital Market on how to rejuvenate their local bond market. This included advising the Debt Management Office; The Ministry of Finance; The Central Bank of Nigeria and the SEC on measures that need to be taken to remove roadblocks to the smooth operation of a local currency bond market. Also included the development of educational materials and systems for both regulators and market participants
  • Laketon Investment Management
    Portfolio Manager/Principal, Head of Global Fixed Income Management

    1992-2000
    Member Asset Mix Team, Chair Weekly Investment Strategy Meetings.
  • Union Bank of Switzerland (Canada)
    Senior Vice President & Treasurer; Chair ALCO; Chair Pension Fund.

    1990-1992
    Sat on the Canada Foreign Exchange Committee at the invitation of The Bank of Canada
  • First Boston Canada Ltd.
    Vice President, Capital Markets. Co-Head of Fixed Income Department.

    1988-1990
  • The First National Bank of Chicago (Canada)
    Vice President, Treasurer and Director (Executive Director, Head of Investment Banking, Chair ALCO)

    1986-1988
  • Chemical Bank of Canada
    Vice President & Treasurer

    1983- 1986
    Previous engagements as a trader, trading manager or Treasurer, with various investment banks in Canada and South Africa. My career started with a 3 year stint as an articled clerk (audit) for Douglas Low Whinney Murray (C.A.S.A.) and eighteen months as the Financial Controller for Cochran Murray and Hay in Toronto.

Education

  • JMB Matriculation – December 1966
  • The Canadian Securities Course – August 23, 1974
  • Canadian Investment Finance – July 3, 1973
  • Canadian Investment Finance Part II – September 28, 1976
  • Registered Representative Manual Exam – August 23, 1972
  • Partners & Directors Exam – May 25, 1981
  • Canadian Options Exam – August 13, 1990
  • Registered Options Principal Exam – August 30, 1990
  • Canadian Futures Exam Part I – September 25, 1989
  • Canadian Futures Exam Part II – September 25, 1989

Education

  • JMB Matriculation – December 1966
  • The Canadian Securities Course – August 23, 1974
  • Canadian Investment Finance – July 3, 1973
  • Canadian Investment Finance Part II – September 28, 1976
  • Registered Representative Manual Exam – August 23, 1972

F.C.S.I. Designation # 484 – November 19, 1981

  • Partners & Directors Exam – May 25, 1981
  • Canadian Options Exam – August 13, 1990
  • Registered Options Principal Exam – August 30, 1990
  • Canadian Futures Exam Part I – September 25, 1989
  • Canadian Futures Exam Part II – September 25, 1989

Key Speaking Engagements and Papers

  • Moderator for three plenary sessions at the 2014 Canada Africa Business Summit held in Toronto
  • Lessons to be Learned from the European Sovereign Crisis – CBN Retreat – Warri 2012
  • Africa Investment Summit – Hong Kong 2012
  • Regulator’s Panel – 17th Nigerian Economic Summit. – Abuja 2011
  • Foreign Direct investments in Africa – NEPAD Annual Conference, Abuja 2011
  • The Current Dangers that Exist in the Nigerian Bond Market _ CBN Retreat – Ilorin 2011
  • Corporate Governance for Non-Executive Directors – CBC, CBN, SEC – Abuja 2010
  • Liberalization of the Nigerian Naira – Commonwealth Business Council, London 2006
  • An overview of Portfolio Management Systems, – Toronto CFA Society, 2004.
  • Foreign Bond & Currency Overlay Management – Toronto CFA Society, 2000.
  • Index Management in Canada – Dow Jones Index Conference in New York and Toronto – June 1998 and December 1997.
  • “Foreign Bond Management for Canadian Pension Funds” – Canadian Investment Review, Summer 1995.
  • “The Money Market Today – Use of Derivatives and Foreign Markets for Today’s Investor”, Treasury Managers’ Association Conference (TMAC) Vancouver 1991.
  • “Practical Use of Derivatives in Today’s Fixed Income Markets”, Edmonton Society of Financial Analysts, 1989.