Today’s FP article was somewhat ambiguous on Stephen Smith’s involvement in the new United Guaranty. The story noted that: “The pension giant (OTPP) said it had teamed up with Stephen Smith” to make its investment in AIGUG.
Here is further clarification on that point from AIG…
- “Mr. Stephen Smith was part of this investment group.”
- He “is a Toronto investor who made this investment through his family holding company National Mortgage Guaranty Holdings Inc and not through First National Financial.”
- “First National Financial was not part of the private investment group that was led by Ontario Teachers'.”
Smith has impressive credentials. He is the President and Co-founder of First National Financial LP. He also sits on multiple corporate boards, and was Ernst & Young’s 2007 Ontario Financial Services Entrepreneur of the Year.
While one might assume that having First National’s President behind the new United Guaranty is a big positive, AIG United Guaranty says “it will have to continue to earn the business from all lenders including First National today and in the future as well.”
Last modified: April 26, 2017
