bcIMC Reviews | Glassdoor.ca

bcIMC Reviews

Updated 1 August, 2018
34 reviews

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2.5
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Peter Milburn
22 Ratings

34 Employee Reviews

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  1. Helpful (1)

    "Associate Portfolio Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate Portfolio Manager in Victoria, BC
    Current Employee - Associate Portfolio Manager in Victoria, BC
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at bcIMC full-time (More than 3 years)

    Pros

    BCI is an incredible place to work and has a very strong presence in the investment industry. Public Markets has went thru significant strategy and staffing changes this year which allows for spectacular career progression for those who are passionate and have the right skills.
    There is always challenging work to do for those who love investing while living in a laid back beautiful city. I highly recommend bcIMC!

    Cons

    Culture changed with the recent mass lay off and many still have a fear for job security. Back Office needs a major change; we can’t keep increasing costs with no added value. Within Operations, we should be hiring management who have experience outside of BCI and who have the ability and desire to challenge the status quo (preferably experience at a bank on Bay street or another similar pension fund).

    Advice to Management

    Continue taking on risk and enhancing the company’s ability to be world class. Adapt to the dynamic markets we operate in and strengthen the core of the firm for long term success. Victoria has very few opportunities within this industry so be fair to employees and give them a chance to improve before handing them the pink slip. There is no easy way to make those type of changes but there is always room for improvement.


  2. Helpful (14)

    "Shiny and misleading on the outside"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Great benefits, perks. New office.

    Cons

    HR and the CEO are in la la Land. EMT members have no balls to actually have a thought of their own. By no fault of theirs. CEO has made a toxic, strong armed environment where it's his picks (boys club) that reign supreme. HR is either ignoring the disgruntled and disengaged employees and truly doesn't care or they are incompetent. If you are in a support position, forget fair pay, treatment or equal opportunity. They have values on paper but don't live them. It's embarrassing.

    Advice to Management

    Invest and listen to your employees. Fix this toxic environment of fear. People HATE their jobs. People are leaving and with 2.4 rating on here, you'll be hard pressed to recruit one day.

  3. Helpful (22)

    "Senior Assistant Portfolio Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Victoria, BC
    Former Employee - Anonymous Employee in Victoria, BC
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at bcIMC full-time (More than 5 years)

    Pros

    Great location to live and work in, and bcIMC has strong historical returns.

    Cons

    Terrible pay relative to market and an unstable culture makes is a very unsatisfying working envrionment. While the new CEO is making some headway on compensation, he has also turned the place into an old boys club. Good luck to any new recruits that don't have an in.

    Advice to Management

    Change is a tough pill to swallow. One has to be extremely thoughtful when undertaking personnel changes and the new CEO has failed to learn from his previous errors at PSP.


  4. Helpful (13)

    "Incorporating Core Values + Actions vs. communicated strategy at top needs work but not bad overall"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at bcIMC full-time

    Pros

    Great city, quality and sticky asset base to work with, fantastic location for the new beautiful building, good compensation, lots of upside in terms of opportunities for more junior people, the mission they are on is inherently a good one for pensioners

    Cons

    Board is lay, so when management is being asked about plans / strategy / execution, the questions aren’t being formed by someone with 30 years experience in the asset management industry.

    HR department, is again, not from industry. No 360 degree reviews and no real quant performance scoring for non-investment performance related bonus - rather a scorecard. Policies like submitting the scorecard 40% of the way through the fiscal year are pretty ridiculous, not very useful process for holding people accountable to do their best for clients and the organization.

    One island employer for institutional investing on scale, think hard before coming here, particularly if you are moving your family here.

    Senior Management in the public equities group outright lied to employees about plans and execution of plans. When a CEO lies to you as an investor, you simply sell the stock because how can you trust someone to take care of your money when they lie. Think about that when you consider joining, do you want to work for someone who thinks lying about tough questions is a solution? Or rather isn't willing to follow-through on their word as a manager. Think further if you want to work for an organization whose CEO and by extension of them, Board of Directors, supports public equities senior management lying to staff about plans and execution of those plans.

    Advice to Management

    When big changes happen, people look to management for messaging of decisions and see its aligned with core values and communicated strategy. Frankly, I don't think we saw it with the recent layoffs.

    Further when the CEO personally hires someone who does a lot of things that don't match with the values and big picture strategy, you must imagine there is confusion and issues like cronyism at the top all come to the forefront - see glassdoor reviews for more info on that

    Mr. CEO, please do not shake the pom poms at the next town hall - tell us why what happened is aligned with the long term strategy and core values at a micro level, not at the big picture level, and answer all the questions that come on these topics, don't have communications filter them per usual. Below is where I see a big mismatch, its not very different than other people's big questions, hopefully you can walk through this piece by piece.

    - why laying people off in a very undignified way made sense (integrity is core value)?
    - why layoffs and their handling shattered moral and team cohesiveness (core value) not at the public markets level, rather across departments?
    - Outright lies said to employees in the public equities group (transparency is core value) and why you support that?
    - retaining so many indexing staff in the equities group then laying off active investors (core strategy - internal active across investment departments)?
    - You constantly talk about 'building the base for the long term', and your current hiring needs in the investment divisions support that statement, but then you layoff high performing young and mid level people rather than trying to retool them?
    - You spend huge dollars, man hours and resources on women in capital markets programs (as you should, great program), then layoff women rather than retrain them?


  5. Helpful (1)

    "Proud to work at BCI"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at bcIMC full-time (More than 10 years)

    Pros

    Increasingly becoming world class from our old vanilla, long only government approach. Compensation is fair and we get to live in beautiful Victoria. Benefits are generous with things like health care flex account and physical exercise subsidy and generous vacation. HR have been great champions in investing in training and development. Pay is directly linked to performance which is a far cry from pay for service approach of years ago. Clients are great and appreciate the service we provide them. Growing quickly so great efforts are made to encourage social connection activities. Work life balance is still possible although getting harder.

    Cons

    Sometimes some of the terminations have seemed arbitrary which causes anxiousness. It would be settling to know that the company consistent approach is to provide opportunity for performance improvement before termination occurs.

    Advice to Management

    Keep the best parts of the old culture, like very little ego and collegial partnerships, while moving us to being world class. I hope that work life balance continues to be embraced.


  6. "Dynamic, growing company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at bcIMC (More than a year)

    Pros

    Great to be part of a growing, active asset manager. I’ve worked in the investment industry a long time and BCI has been my best experience. Innovative, able to get stuff done, clients come first, and with a great west coast friendly atmosphere.

    Cons

    There’s a lot of change and not everyone likes it. Some people have struggled as the company went from having a slow, government mind-set to being a fast paced organization. But for the right people all the change just means more interesting work and opportunity.

    Advice to Management

    Stay the course and make room for all the new employees who are motivated to be part of the new structure.


  7. Helpful (19)

    "Embarrassing Decline from Client-Centred Strategies to CEO Worship"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Public Markets PM in Victoria, BC
    Former Employee - Public Markets PM in Victoria, BC
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at bcIMC full-time (More than 8 years)

    Pros

    Great new offices, good benefit plan, room to grow and find promotions. In PE and Infrastructure, lots of room to work on interesting deals

    Cons

    Restructuring is a constant, firings are arbitrary. Public markets has become particularly toxic

    Advice to Management

    It's time to start over on a CEO search. Gordon and his buddies have completely lost the trust of the workforce.

  8. Helpful (19)

    "Investment professional"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at bcIMC full-time (More than 5 years)

    Pros

    The weather is generally milder than other parts of Canada but not worth the offsetting job limitations.

    Cons

    Lots of stressed people either surviving by the law of the jungle - kill or be killed; or hiding with their head down and not sharing their ideas and creativity. Massive firing included top performers. Better off being in a city with more opportunities. Victoria is very expensive to live in when you include housing, food, and getting off the island which you will be desperate to do.

    Advice to Management

    You lost what was good about the culture. Focus for senior mgt is acting like masters of the universe. Remember who you are responsible to.


  9. Helpful (18)

    "Elementary Institutional Investment Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior PM in Victoria, BC
    Current Employee - Senior PM in Victoria, BC
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at bcIMC full-time (More than 10 years)

    Pros

    You live in Victoria - although this is not necessarily a good thing. Its expensive and hard to travel from.

    Cons

    -bcIMC is the only shop in town
    - HR is clueless - most of the team is from BC Ferries NOT the investment industry.
    - Executive team lacks experience and credibility
    - cronyism - just look at Executive ranks - but also rampant in other depts such as PE
    - low employee engagement - especially in Public Equities. Engagement has been low for years. HR and Executive have been ineffective in improving morale
    - Cutthroat managers that work in self interest and preservation
    - very political environment
    - top performers let go across departments for no reason
    - Many PMs and Sr. PMs lack of ambition - many of which would have a very difficult time commanding a similar role and pay package anywhere else
    - for mid-to-senior level professionals its where careers go to die - be warned
    - lack of respect to severed employees

    Advice to Management

    You have had ample opportunity to address these issues. Its unfortunate how little regard you have for your loyal employee base and your clients.


  10. Helpful (16)

    "Very dysfunctional company! Don't move to take job - you will regret it"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at bcIMC full-time (More than a year)

    Pros

    Very good wages and benefits. That's all I can say positive!

    Cons

    Very low morale, especially after the mass layoff of highly skilled employees. Lots of bullying from some management. Even I am surprised this is being allowed to continue - even after several complaints! Now about that stupid scorecard - its all about the money, heaven forbid if someone is in my way to achieve what is necessary on my scorecard, and heaven forbid if you have to rely on another person to achieve your result! Also, it is totally up to your manager what mark you get on your scorecard - aka, don't tick him/her off or you will pay!! Every staff meeting the word 'scorecard' is mentioned at least twice! Does not instill good working relationships with your peers and within the department, and there are a ton of temp employees that have a lot of skills and experience but not allowed to make suggestions or comments. And they wonder why there is such a high turnover....?

    Advice to Management

    Leadership comes from the top - need I say more?! The SVP's don't have the guts to make changes needed and/or recommended from their Directors and Managers


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