March 24, 2020

Client Advisory: Custodians’ Suspension of Handling of Physical Cheques

Supporting the guidance from our government, Leith Wheeler staff across Canada have been working effectively on a remote basis since last week. While our offices themselves remain accessible, we continue to conduct business as usual by logging remotely into our systems and convening regularly on video conference calls. Please rest assured that all client portfolios are being actively managed, and we are encouraging client meetings via video conference and telephone calls. The collaboration amongst our staff and with clients has been extremely successful; we are very proud of our people and resilience of our rigorous business continuity plan.

One development that requires your attention today is in regard to physical cheques. You’ll recall from our March 17 Update that we were discouraging clients from sending physical cheques to the office, to ensure we were able to process transactions efficiently.

We have now been informed by our custodians that over the coming days, they will no longer be processing physical cheques for deposits or redemptions. It is therefore crucial that if you have not set up means of electronic transfer of funds with your custodian or with Leith Wheeler, you do so before requesting any transactions that require a net deposit or withdrawal.

If you have any questions about this change, please reach out to your custodian, or contact your Leith Wheeler portfolio manager and we’ll be happy to help. In the meantime, we wish good health for you and your family.

Jim Gilliland

Managing Principal, President & CEO - Head, Fixed Income