Senior portfolio manager, head of research and chief investment officer at CWB Wealth Management Ltd., Nelson Scott Blair has agreed to pay $30,000 in a settlement agreement with the British Columbia Securities Commission (BCSC), for advising in securities without being registered.
“Blair was in the business of advising because he held himself out as a portfolio manager. His duties included managing and selecting individual securities for the firm’s Canada Equity Portfolio, overseeing research analysts and the firm’s investment process, and chairing its investment committee,” the BCSC writes in a statement announcing the publication of its settlement agreement with Blair.
They add that as chief investment officer, he also developed and administered the firm’s investment philosophy and asset allocation strategy, oversaw investment teams, mandates and model portfolios, disseminated investment strategy advice to portfolio managers and assisted in client meetings to discuss strategy and direction.
Although he was registered from 2004 until 2005, he was not registered between May 2018 and March 2022 while performing these duties, they add. The BCSC notified Blair that he was offering services requiring registration after he applied for registration as a portfolio manager in October 2021.
“Securities industry professionals must register with the regulator in each province or territory where they conduct business. Registration ensures firms and individuals are qualified and imposes requirements on how they treat clients,” the BCSC concludes.
