Montrusco Bolton Taps Veterans for Global Equity Expansion

MONTREAL, QC – February 18, 2026 – Montrusco Bolton Investments Inc. (MBI), a Montreal-based boutique asset manager, has announced a significant strategic expansion with the formation of a dedicated International Equity Team. The firm has appointed veteran portfolio manager Egor N. Rybakov, CFA, to lead the new initiative, with Robert Gwin joining as Senior Investment Analyst.

The move signals a deliberate push by the US$12.9 billion firm to deepen its expertise in non-U.S. markets, a space ripe with opportunity as global economic dynamics shift. The new team, based in Newport Beach, California, will manage strategies focused on the MSCI ACWI ex-U.S. and MSCI EAFE universes, providing clients with specialized access to developed and emerging markets outside of the United States. This launch comes at a pivotal moment, capitalizing on market trends that increasingly favor international equities.

A Strategic Bet on International Growth

Montrusco Bolton's decision to launch a dedicated international team is a calculated move that aligns with powerful macroeconomic trends. After years of U.S. market dominance, international stocks have begun to reassert themselves. In 2025, non-U.S. equities delivered returns of 30%, significantly outpacing the S&P 500. This outperformance is supported by compelling fundamentals, including more attractive valuations. As of late 2025, international stocks traded at an estimated 35% discount to their U.S. counterparts based on forward price-to-earnings ratios.

A weakening U.S. dollar has provided an additional tailwind, boosting returns for U.S.-based investors in foreign assets. With many analysts predicting this currency trend to continue, the environment appears favorable for MBI's new venture. The expansion is not merely opportunistic; it represents a strategic deepening of the firm's capabilities. While MBI already manages global strategies, this new team provides a dedicated and focused approach to the complexities and opportunities within non-U.S. markets, including the high-growth potential of emerging economies.

Sylvain Boule, CEO of MBI, framed the expansion as a core investment in the firm's intellectual capital. “We are pleased to add this team as part of our continued investment in intellectual capital and to further strengthen our current equity expertise,” he noted in a statement. “The addition of Egor and Robert reflects our commitment to building expertise where we see enduring opportunity.”

This move also addresses a growing demand from investors seeking to diversify away from a U.S. market that has become increasingly concentrated in a handful of large-cap technology stocks. By offering a specialized international product, MBI is positioning itself to meet the needs of clients looking to mitigate concentration risk and capture growth from a wider geographic base.

Securing Veteran Talent for a Competitive Edge

In the highly competitive asset management industry, success often hinges on talent. Montrusco Bolton’s appointments of Egor Rybakov and Robert Gwin underscore a focus on securing seasoned leadership for its international push. Rybakov brings over 25 years of experience investing in global markets, with a career that includes senior roles at prominent firms such as Thornburg Investment Management, Tradewinds/Nuveen, and RMB Capital Management.

His investment philosophy, emphasizing high-quality companies backed by durable growth trends and disciplined risk management, aligns seamlessly with MBI's own "Quality Growth" ethos. This shared philosophy is crucial for integrating the new team into the firm's established culture.

He is joined by Robert Gwin, an analyst with over 15 years of experience. Gwin’s background is particularly notable, having spent over a decade as a Senior Analyst at WCM Investment Management, a firm highly regarded for its own successful Quality Growth investment philosophy focused on companies with expanding economic moats. The fact that Gwin and Rybakov previously worked together at RMB Capital Management suggests an established professional synergy that could allow the team to hit the ground running.

This "talent play" is significant. By attracting individuals with deep expertise from well-respected competitors, MBI is not just adding a new strategy; it is importing a wealth of experience and a proven investment approach. The decision to base the team in Newport Beach, California—a hub for investment talent—also signals a strategic commitment to fostering an environment conducive to specialized global research, far from its Montreal headquarters.

Broadening Horizons for Investors

For Montrusco Bolton's clients, the new team represents a direct conduit to a broader set of investment opportunities. The focus on the MSCI ACWI ex-U.S. and MSCI EAFE benchmarks provides a clear mandate to explore opportunities across developed markets in Europe, Australasia, and the Far East, as well as the dynamic economies of the emerging world.

This is particularly relevant given that emerging markets are forecast to be the primary drivers of global economic expansion. According to IMF projections, regions like India, the Philippines, and Saudi Arabia are expected to post superior growth rates compared to developed nations. A dedicated team allows for the kind of deep, bottom-up fundamental research necessary to identify winning companies in these diverse markets, a task that can be challenging within a broader global mandate.

The new offering complements MBI’s existing suite of Canadian, U.S., and global equity funds. It provides a more granular tool for portfolio construction, allowing investors who already hold MBI's broader global fund to specifically overweight non-U.S. equities or for new clients to gain targeted exposure. This expansion is a logical step for a firm that has steadily grown its assets under management from over $5 billion in 2011 to nearly US$13 billion today.

By investing in this new capability, the employee-owned boutique is reinforcing its competitive position against both larger, more diversified asset managers and other specialized firms. The move demonstrates an ability to evolve with market conditions and client needs, ensuring the firm remains relevant and well-equipped to deliver value in an increasingly complex global investment landscape.