Picton CEO and president David Picton explains why the firm has rebranded after a 20-year run with a bear at the heart of the message
After two decades of shaping its identity around the Picton Mahoney name, the firm has taken a sharp turn by reintroducing itself as Picton Investments. And behind this rebrand lies a deeper strategic transformation, symbolized by a new but familiar mascot among investors: the grizzly bear.
As David Picton told BPM, this moment represents a culmination of long-term planning and a changing investment landscape. He describes the firm’s two-decade journey as one of persistent advocacy, educating the market on the role of alternatives and refining internal processes to support that mission.
Over those years, Picton Mahoney has operated in a landscape shaped by a historic 40-year bull market, where both stocks and bonds provided strong returns and effective diversification. But Picton sees that era as coming to an end.
“We think we’re at a tipping point,” he said. “As we go into the next 20 to 40 years, we don't believe you may see that same return potential, nor the same diversification benefit between those two assets. We’ve been getting ourselves ready to add diversifying return streams into portfolios.
“If you have assets that act differently and they each generate positive returns in the long run, your shorter term outcomes should be less painful. especially in the case of a downturn. If we can do that, we can help investors kind of reach their goals with more certainty along the way,” added Picton.
The rebrand to Picton Investments signals that shift, emphasized Picton, adding that it’s time to “get more aggressive with the message” and push for a broader adoption of what he sees as a modern approach to portfolio construction: moving from a traditional 60/40 allocation to something more resilient like 40/30/30 equities, bonds, and alternatives.
Pointing to the firm’s new motto, “Build from the Bear Up”, Picton hopes to reframe the conversation around clear, strategic diversification. He advocates for a balanced mix that includes equities, both developed and emerging markets, as well as a full range of bonds.
But he notes that traditional 60/40 portfolios typically fall short on inflation protection and true diversification. That’s where alternatives come in.
He distinguishes between two kinds of alternatives: diversifiers, which aim to deliver returns independent of stock and bond performance, and private equity or private debt, which aim to mirror traditional returns but with greater potential upside.
“Build from the Bear Up, to us, is a call to focus on that diversifying element within the portfolio,” he said, pointing to an environment that's no longer buoyed by decades of equity and bond tailwinds.
As for the adoption of the bear, which was unveiled in a special ceremony on Monday at The Well in downtown Toronto, Picton underscored a strategic signal about resilience. While the bear is often viewed as a symbol of market downturns, he noted the firm is reclaiming it to represent strength and preparation.
“We’re adopting a rather controversial symbol, being the bear, but we’re trying to use that in a positive mindset,” he said.
The goal is to encourage investors to recognize and prepare for risk, rather than react to it. Picton believes that by building more resilient portfolios, clients are more likely to stay invested during volatile periods.
“If you have a more resilient portfolio, you’re less likely to panic out at the inopportune times. It keeps people invested,” he added, emphasizing that the message is ultimately one of optimism, giving markets room to function while helping investors stay the course with greater certainty.
When asked whether the bear represents a bearish outlook for the firm, Picton was quick to clarify that adopting the bear as a symbol doesn't reflect a pessimistic stance on markets or the future. He instead pointed to optimism, particularly in Canada, where he sees emerging signs of strength and progress. From improved government collaboration to new international partnerships, he views the current landscape as one with plenty of opportunities.
The message is ultimately less about forecasting and more about “a mindset” on readiness.
“It’s about preparation. It’s not about reacting to something that occurs. It’s about having something in place. Should something bad occur, you’re ready,” he said.
Meanwhile, Leisha Roche, Picton Investment’s chief marketing officer, also emphasized Picton’s point of view, noting the bear as the new symbol was deliberate and provocative. While commonly associated with fear or decline, Roche wanted the image of the bear to challenge assumptions, pointing to the firm’s motto.
“It starts with a risk first mindset,” she said. “When you think of the qualities of a bear, especially a grizzly bear, they're always thinking of resiliency, strength, adaptability. Those are the qualities that we think embody the company and those are the qualities that advisors [and investors] should embody as they start to think about how they're preparing their clients for the markets ahead.”
Picton underscored that clarity and education are central to Picton Investments’ approach, noting that bringing the younger generation into the fold is top of mind.
“We pride ourselves on education and straight talk. We don't use a lot of buzz words in anything that we do,” he said. Additionally, Picton wants newer investors to develop a broader understanding of portfolio construction.
“The single best opportunity to not only build a stronger portfolio, but to differentiate yourself is to focus on this portfolio construction angle,” he added.
Picton Investment’s bear statue is being showcased at The Well in Downtown Toronto for the next month.
