2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Middlefield Canadian Income Trust launched – Middlefield’s diversified equity income strategy for UK institutional and high-net-worth investors
2006
Dean Orrico on fostering connections for a competitive edge
Whether the market goes up or down, Dean Orrico’s funds continue to win medals. Consistently going for gold, Middlefield funds have won awards by sticking to their knitting with a particular focus on maximizing returns while mitigating risk.
Suffice it to say, Orrico’s doing a few things right by successfully avoiding high-risk scenarios that can irreparably impair portfolio performance. The future of the economy, whether it will experience a hard or soft landing, remains uncertain; however, Middlefield’s funds are designed to withstand any economic turbulence.
Reflecting on his three-decade career with Middlefield, initially beginning as an analyst, Orrico witnessed and contributed to the firm’s significant evolution, growing alongside it.
In the mid-90s, Middlefield was navigating its path, known primarily for its opportunistic ventures in real estate and resources, leveraging tax-advantaged strategies. Yet, it was during this formative period that the seeds of change were sown, leading Middlefield to asset management with a focus on equity income.
The period from 2010 to 2020 was characterized by exceptionally low interest rates, a scenario that favoured growth stocks, particularly in the technology sector. However, the advent of the pandemic in 2020 introduced volatility and marked the beginning of a new economic era, one that Orrico believes will be defined by persistently higher inflation and interest rates.
The dominance of the “magnificent seven” stocks in driving the S&P 500’s performance is well acknowledged. Yet, Orrico posits a shift toward a more diversified investment approach, predicting a rise in the significance of equity income investments. This shift is propelled by the anticipation of increased market dispersion, offering a strategic advantage to investors seeking to fulfill their income and total return needs through equity income.
During the previous decade, the market’s focus on growth presented challenges for equity income strategies. However, Orrico views the current environment as a tailwind, signalling a return to strategies that align with Middlefield’s core competencies.
The firm’s approach is multifaceted, offering a range of products designed to cater to the needs of advisors, individual investors, and institutional clients alike. Middlefield’s offerings span various sectors, including real estate, healthcare, infrastructure, and diversified equity income, all aimed at delivering competitive total returns. Notably, Orrico leads various investment strategies that have been consistently recognized for their excellence, such as its real estate ETF, which achieved a Fundata Fundgrade A+ for real estate equity in 2023, and his real estate mutual fund, which was awarded the Lipper’s Best Fund over 5 years – Real Estate Equity for 2021 & 2022. Orrico also manages the UK’s only listed Canadian equity trust focused on high income (admitted to the FTSE UK All-Share Index in 2011). The fund, Middlefield Canadian Income, recently won Citywire’s prestigious Best North America Equities Trust category at their annual award gala in London.
No stranger to the line of fire, Orrico says, “Over 20+ years in the industry, I’ve learned that the market can surprise you with sudden shifts, emphasizing the importance of diversification. Holding onto a company, provided you maintain your conviction in its potential, is often more prudent than frequently trading its stock. Essentially, it’s more about spending time in the market rather than trying to time the market – a lesson learned the hard way.”
In 2023, with rising interest rates, many investors opted for cash alternatives, attracted by returns of 5 to 6 per cent with minimal risk. “As wealth managers, our goal is to reintegrate these clients into the equity market, believing in the strength of our product offerings to meet this demand. Yet, the challenge lies in reallocating funds back into the market to work for our clients, emphasizing the importance of a long-term investment perspective. We view the GIC rates of 5 to 6 per cent last year as temporary and fading, predicting a decrease in rates later this year. It suggests a strategic shift toward diversifying into equity income, offering the potential for competitive total returns over the long term,” says Orrico.
From a macroeconomic viewpoint, despite the potential for a slowing economy or severe recession, Middlefield’s stance is that the economy is merely slowing, not heading into a severe downturn soon. Orrico anticipates interest rates will stay higher than in the past. However, should inflation return and interest rates climb further, it could pose challenges for the asset and wealth management industries.
Acknowledging the potential economic challenges identified by Middlefield, Orrico’s approach to leadership within this context becomes even more critical, as it emphasizes the importance of an inclusive and communicative environment.
Orrico fosters an environment where every team member feels empowered to contribute. “We try to have a very flat structure, so lines of communication are open right across the firm,” Orrico explains, emphasizing the importance of a culture that encourages open dialogue, defying the status quo, and thinking outside the box. This approach has been pivotal in maximizing resources and nurturing a collaborative atmosphere.
“What distinguishes Middlefield in the industry is our longstanding relationships with advisors, spanning over decades – more than 25 years for me personally and over 40 years for the firm. These enduring connections are invaluable and represent a significant barrier for new entrants, particularly within North America and Canada,” says Orrico.
The fund manager believes the field is ripe with opportunities and can be highly rewarding. Since most entrants have similar academic backgrounds, success largely depends on one’s ability to integrate within an organization. Supporting colleagues, regardless of their position – be it juniors, peers, or seniors – can significantly impact your career trajectory and ultimate success.
“I’ve observed that fostering a collaborative and collegial environment, rather than insisting on singular perspectives, often leads to the most effective solutions for both clients and the firm. Success in this industry is not just about having the right answers but about working together to find the best ones,” says Orrico.
Spotlight
“As we ventured into asset management, particularly equity income, I discovered my passion for the industry. This passion wasn’t just about building portfolios and strategies to benefit individual and institutional investors but also about supporting advisors through regular interactions, conversations, and educational presentations. I found that blending these aspects matched my strengths and interests perfectly,” says Orrico.
Founded in 1979, Middlefield is a specialist and independent equity income manager headquartered in Toronto, Canada. Middlefield’s actively managed, award-winning funds are designed to be “investments that work for you” by distributing consistent and high levels of income through various market cycles. Middlefield’s funds span a number of market sectors including real estate, healthcare, innovation, sustainability, infrastructure, and energy. Investors can access these strategies in a variety of product types including ETFs, mutual funds, closed-end funds, split-share funds, and flow-through LPs. To learn more, visit www.middlefield.com.
Company Profile
$2.5+ billion
Assets Under Management
40+
years of company history
6
key investment focus areas
50+
employees across Canada and the UK
20+
investment strategies
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years of Experience
25 years at Middlefield
Code of ethics
Superior investment performance is a necessary but not sufficient condition to succeeding in the asset management industry. Building and nurturing long-lasting relationships with your clients, business partners, and fellow team members is equally important and is something we strive to do every day and in
everything we do
EDUCATION
• Bachelor of commerce degree from the Rotman School of Management at the University of Toronto
• MBA from the Schulich School of Business at York University
Dean Orrico
President and CEO at Middlefield
With strategic focus on equity income and collaborative leadership, Middlefield continues to outperform
Read on
“As we ventured into asset management, particularly equity income, I discovered my passion for the industry. This passion wasn’t just about building portfolios and strategies to benefit individual and institutional investors but also about supporting advisors”
Dean Orrico,
Middlefield
“What distinguishes Middlefield in the industry is our longstanding relationships with advisors, spanning over decades – more than 25 years for me personally and over 40 years for the firm”
Dean Orrico,
Middlefield
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Milestones
2011
2012
2015
2016
2019
2021
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2012
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2015
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2016
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2019
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2021
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
Years of Experience
25 years at Middlefield
Code of Ethics
Superior investment performance is a necessary but not sufficient condition to succeeding in the asset management industry. Building and nurturing long-lasting relationships with your clients, business partners, and fellow team members is equally important and is something we strive to do every day and in everything we do
Education
• Bachelor of commerce degree from the Rotman School of Management at the University of Toronto
• MBA from the Schulich School of Business at York University
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
Share
Share
Media
Company Profile
Years of Experience
25 at Middlefield
Code of ethics
Superior investment performance is a necessary but not sufficient condition to succeeding in the asset management industry. Building and nurturing long-lasting relationships with your clients, business partners, and fellow team members is equally important and is something we strive to do every day and in everything we do
Educations
• Bachelor of commerce degree from the Rotman School of Management at the University of Toronto
• MBA from the Schulich School of Business at York University
Karen Adams
President and CEO at Fundserv
Career highlight
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
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Strategic vision: Equity income at the forefront
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Published March 25, 2024
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2006
2011
2020
2000s
2022
2023
Middlefield Canadian Income Trust launched – Middlefield’s diversified equity income strategy for UK institutional and high-net-worth investors
2006
Middlefield Real Estate Dividend ETF and Middlefield Real Estate Dividend Class launched – both managed by Dean Orrico and provide investors with low-cost exposure to the global real estate sector
2011
Real Estate Split Corp. (RS) launched – managed by Dean Orrico. RS is Middlefield’s Real Estate focused split-share fund
2020
Fundata FundGrade A+ winner: Middlefield Real Estate Dividend ETF Real Estate Equity category; Refinitiv Lipper Fund Award winner: Middlefield Real Estate Dividend Class Series F
2021
Refinitiv Lipper Fund Award winner: Middlefield Real Estate Dividend Class Series F
2022
Citywire Best North America Equities Trust: Middlefield Canadian Income Trust achieves the best risk-adjusted returns in its category
2023
Milestones
Fundata FundGrade A+ winner: Middlefield Real Estate Dividend ETF receives the Fundata FundGrade A+ rating in the Real Estate Equity category
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1962
1980s
1990s
2000s
2010s
2020s
Middlefield Canadian Income Trust launched – Middlefield’s diversified equity income strategy for UK institutional and high-net-worth investors
2006
GB launches industry-leading claims administration platform, now known as Luminos. Achieves annual revenue of $25.9m and sets a target to reach $100m
1980s
Expands across the UK, Australia and New Zealand. Achieves $100m revenue target
1990s
Continues growth through the delivery of first-of-its-kind centralised medical bill scanning and GBCARE services
2000s
Reaches $500m in revenue with operations swelling to 4,300+ employees across North America, the UK, Australia and New Zealand
2010s
Exceeds $1.1bn revenue target, driven by outcomes delivered by GB’s 7,200+ people across 124 locations
2020s
Milestones
News
Your Practice
Investments
Resources
Best in Wealth
Subscribe
Companies
About us
Privacy
Terms of Use
RSS
People
Newsletter
Authors
Contact us
External contributors
Copyright © 1996-2024 KM Business Information Canada Ltd.