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Governance & Advisory Board

Oversight of the Ivey Value Fund is carried out by Dr. George Athanassakos, with the assistance of the Fund’s Advisory Board. The Fund’s governance and the membership of the Advisory Board, which consists of distinguished value investing professionals, are discussed below.


The purpose of the Advisory Board is, in essence, to share their experience, discernment and value investing acumen with the student analysts of the Fund, and to ensure good stewardship of capital. The Advisory Board’s principal responsibility is to provide oversight for the quality of the investment decisions being made. The Board is neither responsible for monitoring investments after they have been included in the portfolio, nor for the performance results of the Fund.

Membership is by invitation from Dr. George Athanassakos on the basis of value investing expertise and recognized leadership in the field.

The Advisory Board is composed of 6 members, five of whom are value investing practitioners, and one who is an Ivey alumnus. Members are invited to serve on the Board for a period of 3 years.

Beyond its role of advising on the quality of the investment analyses being carried out, the Advisory Board also exists for the purpose of demonstrating to students the highest standards of integrity, service and stewardship.

Advisory Board

Co-CEO and Managing Partner, Oak Bay Capital, Toronto, Ontario, Canada

Mr. Barel is a co-founder of Oak Bay Capital, a boutique investment management firm based in Toronto, Ontario. Prior to co-founding Oak Bay Capital, Reyer was co-CIO and Portfolio Manager at Bristol Gate Capital Partners, where he was responsible for portfolio management and both building up and leading the Data Science and Investment Research teams. Prior to joining Bristol Gate, Reyer spent seven years working as an investment analyst with Hamblin Watsa Investment Counsel, the investment management arm of Fairfax Financial. At Hamblin Watsa, Reyer conducted research on public and private equities as well as fixed income securities. Before starting his investing career, he was employed by several major companies including AT&T Canada, Rogers Communications Inc. and Hewlett Packard, where he engaged in several IT consulting roles. Educated at the University of Western Ontario, he received a B.Sc. (Honours, Math) degree in 1993 followed by an M.Sc. degree in Physics in 1995.  He completed an MBA from the Richard Ivey School of Business in 2008, where he graduated with distinction. Reyer earned his CFA Charter in 2012.

CFO, Artisanal Gold Royalties, Victoria, British Columbia, Canada

Mr. Gryba is a professional engineer and geologist registered in British Columbia. He completed his degree in Geological Engineering from the University of British Colombia in 2002 and began his career in the natural resources sector as an engineering consultant. Upon reading Benjamin Graham’s “The Intelligent Investor” and achieving considerable success applying value principles for personal investments, Mr. Gryba decided to supplement his engineering background with a Master’s Degree in Business Administration from the Richard Ivey School of Business. Mr. Gryba began his finance career with BMO Capital Markets conducting equity research of mining companies in the precious metals sector. Post BMO, Mr. Gryba was an Associate Portfolio Manager at BCI. Mr. Gryba is currently a Director of Winter Harbour Capital Corp and the CFO of Artisanal Gold Royalties.

Portfolio Manager, President and Founder, Starvine Capital Corporation, Toronto, Ontario, Canada

Mr. Ko is the President of Starvine Capital, which he founded in 2014. Previously, he was an investment analyst at Burgundy Asset Management, where he focused on Asian Pacific companies. Before joining Burgundy, Steven spent three years as an analyst with UBS Global Asset Management, where he analyzed Canadian small capitalization companies (<$2 billion) across all industries. Prior to that, he was a research associate with the Equity Research Divisions of Canaccord Capital and Blackmont Capital. He also served as an analyst at Blackmont Capital in the Corporate Finance Division. Steven graduated from the Richard Ivey School of Business at the University of Western Ontario (MBA) and from McMaster University (BComm). He is also a CFA charterholder.

MaidaFounder and President, Patient Capital Management Inc., Toronto, Ontario, Canada

Mr. Maida has been in the investment industry since 1987. Prior to founding Patient Capital Management Inc. he held portfolio management positions at Trimark Financial Corp., Hamblin Watsa Investment Counsel and the Ontario Municipal Employee Retirement System (OMERS). Vito has managed a broad number of mandates including high net worth individuals, institutional pension plans and mutual funds. He has developed a reputation as a leading proponent of value investing in Canada. Vito received his MBA from the Richard Ivey School of Business (1987) and his B.B.A. from Wilfrid Laurier (1983). He graduated on the Dean’s List from both Wilfrid Laurier and the University of Western Ontario. He was awarded the Chartered Financial Analyst’s designation in 1990. Vito is a member of the CFA Institute and the Toronto CFA Society.

McelvaineFounder and President, McElvaine Investment Management Ltd., Victoria, British Columbia, Canada

Mr. McElvaine is the founder and President of McElvaine Investment Management Ltd. Tim established The McElvaine Investment Trust in 1996 and acquired The McElvaine Limited Partnership (previously Cundill Capital Limited Partnership) in the summer of 2000. Tim developed his value-oriented philosophy during his 12-year career with Peter Cundill & Associates Ltd. where, amongst other capacities, he served as Manager of the Cundill Security Fund (1992-99), Co-Manager of the Cundill Value Fund (1998-2003) and Chief Investment Officer (1998-2003). Tim has served as non-executive Director of Sun-Rype Products and Humpty Dumpty Snack Foods, Rainmaker Entertainment and Glacier Media. He also worked for the Bank of NT Butterfield in Bermuda and Touche Ross in Toronto. Tim earned a Bachelor of Commerce (B.Comm) from Queen’s University in 1986, qualified as a Chartered Accountant in 1988 and as a Chartered Financial Analyst in 1991.

RotheryFounder of, Publisher, and Columnist, Toronto, Ontario, Canada

Mr. Rothery is the founder of and publishes several newsletters devoted to value investing. He writes a value investing column for the Globe and Mail and is a contributing editor at MoneySense and the Canadian MoneySaver. He also provides the rankings for the Canadian Business Investor 500. Earlier in his career, Norm was the chief investment strategist at both and the investment counsel firm Dan Hallett & Associates. He obtained a first class honours B.Sc. in physics and applied mathematics from York University in 1992 and went on to earn his Ph.D in high-precision atomic physics in 1998 from the same institution. He was awarded the Chartered Financial Analyst designation in 2004 and is a current member of the CFA Institute and the Toronto Society of Financial Analysts.

Chairman and Chief Executive Officer, Stacey Muirhead Capital Management, Waterloo, Ontario, Canada

Mr. Stacey is the founder of Stacey Muirhead Capital Management Ltd. Jeff has over 35 years of investment industry experience. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst. He is an Advisory Board Member of the student managed Ivey Value Fund at the University of Western Ontario.  He is also an Advisory Board Member of the student managed School of Accounting and Finance Investment Fund at the University of Waterloo and a member of the Board of Trustees of Parkminster United Church. Past experience includes serving as a member of the Finance and Investment Committee at the University of Waterloo, the Dean’s Advisory Council at the Wilfrid Laurier University School of Business and Economics. He is also a former director of Rainmaker Entertainment Inc. and previously served on the Board of Trustees and Investment Management Committee at the University of Guelph.

Co-founder, Saxon Mutual Funds. Retired Chief Investment Officer, Mackenzie Financial, Toronto, Ontario, Canada

Mr. Tattersall retired in 2010 as the CIO of Mackenzie Financial after an investment career spanning almost 40 years as a value investor. With an MA from St. John’s College, Cambridge and an MBA from the Ohio State University, he joined the investment department at Confederation Life in 1971. At that time, Confed was the training ground for an entire cohort of value investors whose influence permeated the Canadian investment scene for a generation. After 10 years at Confed and 5 years at Bolton Tremblay as a mutual fund manager, he left to set up the Saxon family of Mutual Funds. Saxon Small Cap was the first value-oriented small cap mutual fund in Canada and was the flagship for an institutional portfolio grouping which grew to $1 billion assets under management. The company went public as Saxon Financial in 2005 and was acquired by Mackenzie Financial in 2008. Bob Tattersall is a Chartered Financial Analyst and has served as a Director of the Toronto Society. He is also a regular contributor to the Globe and Mail Report on Business and has been an invited speaker on the topic of value investing at several university seminars.

Past Advisory Board

Thanks to Fairfax Financial Holdings Ltd. for their vision and generous support of the Ivey Value Fund, which benefits students and practitioners worldwide.

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