Raj Kothari was a Partner and Vice Chair of PwC Canada. Raj served as Managing Partner for Greater Toronto at PwC until December 31, 2017 and was a member of PwC Canada’s Extended Leadership Team until June 30, 2018. He also served as the National Asset and Wealth Management Leader, Global Transformation Leader for Asset and Wealth Management Assurance Practice, and as founding board member of PwC’s Global Service Delivery Centre in India.
Raj’s professional and business experience, over 40 years, spans Canada, the United Kingdom, and India, In Canada, he specialized in advising clients in the asset management and fund industry. His experience also includes banking, insurance, trading and manufacturing businesses, and IPOs and Secondary Offerings.
Raj has served on various working committees in the Investment Management Industry at the Ontario Securities Commission and at the Canadian Institute of Certified Public Accountants. Raj was an early pioneer and promoter of “Doing business in India” and assisted Canadian asset management companies in getting the Foreign Institutional Investor registrations in India, and also assisted Canadian corporations in determining their entry strategies in India and obtaining approvals for Foreign Direct Investment.
Raj graduated from the Advanced Management Program (AMP) at Harvard Business School and obtained an MBA from CASS Business School at the City, University of London. He also qualified as a chartered accountant in both Canada and the UK. Raj also completed the Directors’ Certification Program at Harvard Business School.
Raj currently serves on the board of IMCO (Investment Management Corporation of Ontario), a $70-billion pension plan in Canada; Jarislowky Fraser and MD Growth Funds, both subsidiaries of Scotiabank; on the Independent Review Committee (IRC) of Brompton Funds; and as Advisor to a Private Family Office.
Active within the community, Raj has served as President of the Indo Canada Chamber of Commerce, Chaired the Stratford Shakespeare Festival Endowment Foundation and served on various boards, including Advancing Canadian Entrepreneurship / Students in Free Enterprise-Canada (ENACTUS), Duke of Edinburgh Awards–Ontario, Harvard Business School Club Toronto, Pearson College of the Pacific, Artscape, the Stratford Festival and Soulpepper Theatre, and the Ontario Arts Foundation.
Raj was also a member of the International Advisory Council of the Dean of the Schulich School of Business and a member of the Ontario College of Art & Design (OCAD) President’s Advisory Council.
Raj has been an active fundraiser and chaired: the Stratford Express, Stratford’s single largest fundraising event for three years; “India, The Living Arts” Exhibition at the Canadian Museum of Civilization in Ottawa; “Diwali, A Night To Shine” from 2012-2014 and 2017-2022 for the University Health Network (UHN); and Soulpepper Theatre’s largest fundraising event in 2016, 2017 and 2018.
He currently serves as Chair of the Board of Governors of the UHN Foundation, and on the boards of the University Health Network, UHN Foundation, and the Aga Khan Museum in Toronto.
Awards
2012 The Queens Diamond Jubilee Medal
2013 Indo-Canada Chamber of Commerce Male Professional of the Year
2013 Empire Club of Canada Community Service Award
2017 Transformation Award for Professional Excellence
2023 Toronto Metropolitan University G. Raymond Chang Outstanding Volunteer Award
Raj, transitioning your career across countries—from the UK and India to Canada—must have presented unique challenges and opportunities. Could you share how these experiences influenced your approach to business advisory and your specialization in the asset management and fund industry?
While uprooting myself and “starting again” multiple times was certainly a challenge, I think it made me more flexible and adaptable. I had no choice but to learn new practices, cultural norms, social and business customs in each country, and I truly believe that this allowed me to bring a breadth and depth of experience and perspective to my work. The experience allowed me to approach every engagement with curiosity, to keep an open mind, to think outside the box, and to actively seek out new ideas and different approaches. It made me more agile and in an industry that has seen so much change over the last thirty years, this was a tremendous asset.
Being recognized with the G. Raymond Chang Award is a significant honor. Could you tell us more about what this award means to you personally and professionally, and how it reflects your contributions to the community?
The late Raymond Chang was an icon – both as an entrepreneur and a philanthropist. I had the tremendous privilege of working directly with Raymond in both capacities – professionally, in the Investment/Fund Management industry and also on a volunteer basis when we were on the board of the UHN Foundation together – and I experienced firsthand his magnanimity, spontaneity, and authenticity. Whether it was his leadership in creating one of Canada’s largest asset management firms, or as a philanthropist working to make a difference in education, healthcare, and the arts both in his native country of Jamaica, and in his adopted home of Canada, or in his personal life as a husband, father, or friend, Raymond put his whole heart into everything that he did. He was absolutely a role model to me, and many others like me, so this award is especially meaningful because I always strive to follow Raymond’s example as an immigrant who made a significant impact on his community.
Your commitment to philanthropy is evident. How do you integrate your philanthropic values into your professional life, and what impact do you hope to achieve through your charitable efforts?
Integrating my philanthropic and professional activities has been the very open “secret” to how I find balance across all aspects of my life. My professional relationships have supported my philanthropic efforts, and my philanthropic activities have helped me to develop professional relationships. When I first became involved in community service, I was looking for ways to connect with like-minded individuals outside of the office. Over time, however, I discovered a way that I could merge the two by entertaining clients at charity events, or encouraging them to buy a table; and connecting with anyone outside of the office is a great way to build rapport and engagement, and perhaps even gain a new client in the process. It’s all about finding connection and building relationships. I have focused my volunteer efforts in three areas: Brain, Body, and Soul – education, medicine, and the arts. If my efforts can, in some small way, help improve access to these things, I will be proud.
You have faced challenges of various kinds within your career. How have you navigated these, and what advice would you give to others who might find themselves in similar situations?
Ultimately, all that one can do is to hold oneself to the highest standards of integrity. To the best of my ability, I always tried to focus my efforts on doing the best possible job for my clients and not getting caught up in politics and drama. Sometimes people wonder if this means that I’m suggesting that they should just keep their heads down and do their own work, and that’s not it at all. You are your own best advocate, so don’t just wait around to be noticed – but it is absolutely possible to highlight your own achievements and merit without pulling anyone else down, and when you choose to take the high road, you can be proud of how you arrived at your goal.
Throughout your career spanning over 40 years, how have relationships played a role in your success?
I have been fortunate enough to have been surrounded by some truly incredible individuals through my career. From my first professional mentors in Canada, professional icons Barry Myers and the late Christine Sinclair, to business titans like the late John Wood and G. Raymond Chang, to philanthropic luminaries like Jim Leech, Don Johnson, and the Krembil family, to incredible clients and colleagues, it has been such a privilege for me to learn from the best. And I truly do believe that I have learned from them all. That’s the beauty of a good relationship – it’s mutually beneficial. Not transactional, but in a way that allows both parties to grow together and create something greater than the sum of their parts. When you put in the time and effort to build a strong relationship, it will reward you a millionfold.
