Website: addendacapital.com
Head office address (Canada): 800 René-Lévesque Blvd. West, Suite 2800, Montreal, QC H3B 1X9
Year established: 1996
Ownership structure: subsidiary of Co-operators, a Canadian cooperative
Target market/client profile: institutional and private wealth clients, and advisors across Canada
Number of professional staff: more than 170
Canadian office locations: Montreal (head office), Toronto, Guelph, and Regina
Addenda Capital Inc. is a Montreal-based investment management firm and a subsidiary of Co-operators. The company serves institutional clients, private wealth clients, and advisors with fixed income, equity, commercial mortgage, and multi-asset strategies. It managed $42 billion in assets as of 2025.
Addenda grew out of Co-operators, an insurance cooperative that has been active since 1945. Co-operators says it was the first cooperative in Canada to offer multiline insurance.
In 1985, the cooperative moved into investment management by launching Co-operators Investment Counsel Limited. That subsidiary set the stage for what would become Addenda Capital a decade later.
In 1996, Carmand Normand founded Addenda as a dedicated investment management firm. The company built its early reputation on Canadian bond market analysis and active fixed income management. That specialization helped it attract institutional clients who wanted specialist expertise over a generalist approach.
In 2008, Co-operators acquired Addenda Capital to bring two experienced investment teams under one structure. The deal strengthened the firm’s national presence and gave it a broader platform to serve Canadian clients. From there, it continued to operate as its own investment firm within the Co-operators group.
Addenda Capital created a dedicated sustainable investing team in 2012 to put formal structure behind its ESG work. The firm’s view was that responsible capital allocation and long-term performance point in the same direction.
In 2025, Monika Freyman, Addenda’s sustainable investing VP, spoke to Benefits and Pensions Monitor (BPM) about how ESG terminology is shifting across institutional markets. That discussion connected the firm’s ESG work to a broader industry conversation on terminology and measurable outcomes.
In February 2026, fixed income VP Carl Pelland shared Addenda Capital’s credit quality views in a BPM fixed income roundup. Pelland’s quality-first view on corporate bonds reflects the disciplined fixed income approach that the company has built since its early years.
Addenda manages investment mandates across four main categories:
Addenda Capital also manages the Income Focus Fund, Global Balanced Fund, and Global Diversified Equity Fund. These mutual funds are available to Canadian residents outside Quebec and the territories through Co-operators Financial Investment Services Inc.
Roger Beauchemin leads Addenda Capital as its president and CEO. Beauchemin’s background includes senior management positions at McLean Budden Limited, a Canadian investment manager. He studied economics at McGill University and went on to earn the CFA designation.
Beauchemin’s executive team at Addenda Capital includes:
Michael J. White chairs Addenda’s board of directors. Rob Wesseling, president and CEO of Co-operators, also serves on the board as a director. Other directors include:
The board oversees Addenda Capital’s investment strategy, risk management, and corporate governance. The firm reports to Co-operators as its sole owner and operates within the cooperative’s governance framework.
Addenda Capital’s client base covers three main groups:
The firm’s teams operate across Canada and work in both English and French. Its staff collectively brings fluency in 17 languages to serve a range of clients across the country.
Institutional clients work directly with Addenda’s investment management and in-house research teams. The firm also serves private wealth clients and financial advisors through dedicated client service teams.
Addenda Capital is listed across several of our BPM directories:
Addenda Capital and its executives have earned recognition for their work in sustainable finance and investment management. The firm also directs capital toward environmental and social outcomes through its investment strategies.
Addenda Capital says its investment strategies aim to generate returns and measurable community outcomes. The firm channels capital toward environmental and social projects through its impact investing and eco-social commercial mortgage strategies.
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