FAIRSTONE BANK OF CANADA
In 2019, Stephen Smith and Centerbridge Partners, L.P acquired Walmart Canada Bank, igniting a plan to expand the provision of value-driven financial products to Canadians coast to coast. Two years later, with additional investment from the Ontario Teachers’ Pension Plan, the partners acquired Fairstone Financial Inc. and combined the assets to form Fairstone Bank of Canada. In 2025, Fairstone Bank of Canada was merged with Home Trust, a leading mortgage lender previously taken private by Smith Financial Corporation.
With a long-established Canadian history dating back 100 years, and a progressive management team, Fairstone Bank partners with major merchants, leading retailers, mortgage brokers and automotive dealers to deliver responsible, trusted financial solutions online and at >250 Fairstone branches. The company was founded on a vision to improve the lives of Canadians and does so through best-in-class offerings including mortgage lending, credit card services, credit financing, point-of-sale financing, secured and unsecured personal loans and deposit services. It is a member of the Canada Deposit Insurance Corporation (CDIC) and proudly serves over 2 million consumers.
In addition to Smith Financial Corporation’s co-ownership, Mr. Smith is Chairman of Fairstone Bank of Canada.
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CANADA GUARANTY MORTGAGE INSURANCE
In 2010, a private investor group, led by Stephen Smith and the Ontario Teachers’ Pension Plan, acquired AIG United Guaranty Mortgage Insurance Company from its American parent to create what is now Canada Guaranty.
Through the stewardship of the partners, Canada Guaranty developed a leading position in the mortgage insurance market by fostering competition that benefits Canadian lenders, mortgage professionals and consumers. With a commitment to service excellence and a comprehensive suite of mortgage default insurance products, the company acts to provide Canadians with greater access to affordable, responsible, and sustainable homeownership
Since its founding, and under the capable leadership of its professional management team, Canada Guaranty has supported regional and national mortgage and lending partners who have helped over more than 500,000 Canadians purchase homes.
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FIRST NATIONAL FINANCIAL CORPORATION
Canada’s leading non-bank mortgage lender was founded in 1988 by Stephen Smith and Moray Tawse. Under their leadership, the company pioneered the use of securitization to fund mortgages, introduced Merlin, the market’s first automated underwriting system, and created extensive partnerships with independent mortgage brokers as a means of serving Canadian borrowers. Most important, they created an entrepreneurial culture that continues to define First National as it thrives with second-generation leadership.
First National joined the TSX in 2006 and was subsequently taken back private in 2025 by a consortium of Birch Hill, Brookfield, Smith Financial Corporation, and Moray Tawse.
Today the company is widely recognized for its expertise in mortgage originating, underwriting and servicing and has earned a reputation for service excellence in meeting the needs of over 300,000 single-family borrowers and thousands of property developers and asset owners across Canada.
Mr. Smith served as Executive Chairman until the take private transaction in 2025, at which time he stepped down from the board and was awarded the title of Chairman Emeritus in recognition of his service.
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GLASS LEWIS & CO.
Glass Lewis was founded in 2003 by a group of finance, accounting and legal professionals to provide proxy advisory and research services to improve the corporate governance practices of companies around the world. In 2021, Glass Lewis was acquired by mid-market North American private equity firm Peloton Capital Management, which is co-owned by Stephen Smith.
The partners of Peloton Capital were impressed by the growth trajectory of Glass Lewis and its reputation for putting the interests of its clients first through the provision of unbiased advice. Today, Glass Lewis is a trusted ally to the majority of the world’s largest pension plans, mutual funds, and asset managers who collectively hold more than $40 trillion in assets. In a world where ESG topics are front and centre for institutional investors and companies alike, Glass Lewis is well positioned to deliver value through its Viewpoint®, Proxy Paper®, Share Recall™, and Right Claim™ services. The company’s experienced team provides research for 30,000+ shareholder meetings each year across 100 markets.
In addition to Smith Financial Corporation’s co-ownership, Mr. Smith is Chairman of Glass Lewis & Co.
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PELOTON CAPITAL MANAGEMENT
Incorporated in 2018 by Stephen Smith and Canadian private equity specialists Mike Murray and Steve Farrone, Peloton Capital invests alongside management teams and founders to build exceptional businesses. As a private equity firm, Peloton was founded on the principle that effective collaboration creates better outcomes. Its corporate name was inspired by the sport of cycling where a peloton is a group of riders whose members stick together to save energy and increase efficiency.
With patient capital, a dedicated team of associates and advisors, and a deep and abiding respect for organizations that are values driven, Peloton primarily partners in North America healthcare, financial and consumer services businesses. Its focus is on the middle market, defined as companies with EBITDA of between $5 million and $40 million.
In addition to co-ownership of the firm, Mr. Smith is Chairman of Peloton Capital Management.
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