DavidSLesperance January 14, 20091

Rarely have I interrupted a conference call with clients to tear the plastic wrapper off of a magazine. However your cover story, “The New Economy, Why Toronto will be the Next Global Financial Capital” just inspired me to do so.

As a globally focused lawyer advising High Net Worth individuals on where they should establish their hedge funds, family offices and themselves, I have for years advised clients to look at places like London, New York, Bermuda, Geneva, Dubai, Hong Kong and Singapore. This despite the fact that while I travel to all these locations frequently (and lived in a few), I ultimately decided to sleep more nights than anywhere in Toronto. However during the recent economic tsunami, I have begun to include my own city into the mix as a number of foreign events combined with real life observations caused me to revise my previous advice.

These events and revelations include: the U.K. decision to change its century old tax rules; the realization that large pools of capital are managed outside of New York and London by “Have Bloomberg will Travel” advisors; the difficulties for families of key employees to resettle to places which are vastly different, expensive, cliquish and far from family and friends; and the increasingly easy air travel from downtown Toronto to major financial centers like New York and Chicago (Thank you Porter Airlines for allowing me to beat my Summit NJ based college roommate to lunch in Mid-Town Manhattan).

Toronto has a number of existing advantages to commend it, including excellent schools/housing/medical facilities and general infrastructure; large pool of educated workers; an ethnically diverse population; EST zone location, and relatively low cost of living compared to other destinations. However, along with some other practical policy improvements (raise your hand Federal Immigration and Finance Ministers!) to increase its attractiveness, what it most suffers from is a concerted co-ordinated effort to sell itself internationally. It is wonderful that Toronto managed to win over a high profile cheerleader like Richard Florida but we need to back him up with a winning team of professional “closers” who can market and sell Toronto on the world stage.

David S. Lesperance
Barrister and Solicitor

PCPCanada January 26, 20092

Hi Everyone,

Place me in the same category as David. I was so excited about Philip Preville’s article and what it could mean for Toronto and Canada that I had to register as a new member and support this topic.

My work in international culture & economic development and acceleration in post-conflict and natural disaster affected communities provides me with a real sense of just how important our global financial institutions are. There are of course many financial and profitable reasons for Toronto to become a major financial capital. However the benefits also extend into areas of global stability and economic security.

Canadians and Torontonians more then any other city residents understand the important and sensitive multi-cultural aspects of international markets and business globalization. Not originally from Ontario, I have learned a deep respect for their work ethic, reliability, steadfastness, selflessness, and there is no place on the planet I trust more to conduct business.

I’m not sure why Richard Florida was not mentioned in the article, there is no more famous American who has reminded us of our own Canadian futurist Jane Jacob’s theories and ideas. Not to take away from Richard, I am one grateful Canadian for any and every American who will engage us in reestablishing multilateral progressive development.

I would encourage Toronto Life to continue to contribute a focus on economy, and promote Toronto leadership to build momentum and make this opportunity a reality.

My family are large-scale real estate and land developers based in Markham who have in the past contributed to that cities success. Peace & Conflict Planners is our reconstruction company and we would certainly be interested in bringing our past experience as well as present international economic context and expertise to support this worthy goal.

Cheers

John Meharg
Director
Research & Development
Peace & Conflict Planners