Bill Holland, a Bay Street legend and former CEO of CI Financial Corp., has donated tens of millions of dollars and raised tens of millions more to support children's health, asserting that philanthropy is a societal necessity and that Canadians are generally 'terrible' at it.
Holland, 67, who built his fortune in the mutual fund industry, has personally donated close to $40 million to Holland Bloorview Kids Rehabilitation Hospital, according to Sandra Hawken, the hospital's foundation CEO. In total, his personal donations to the two institutions bearing his name—Holland Bloorview and Toronto's Sunnybrook Holland Orthopaedic and Arthritic Centre—exceed $100 million. Additionally, his fundraising efforts as a board member have generated over $50 million for these causes.
From 'Middling' Student to Financial Titan
Holland describes himself as an entirely 'middling' student who had no clear career path after growing up in Toronto in the 1960s and 1970s, the son of a university professor raising six children on a modest salary. He cycled through a series of 'crappy' jobs—delivering pop, working in a factory, and as a doorman at a midtown bar—before landing a customer service role at Mackenzie Financial Corp. in 1985 at age 27.
Despite being older than many colleagues, Holland's gift for gab and willingness to work long hours helped him transition into sales as Canada's mutual fund industry boomed. 'You would get 120 calls a day and people would complain about how hard the job was, but unless you are doing something that involves lifting something heavy, it is not hard,' he said.
The Role of Luck and Success
Holland credits much of his success to luck. 'A lot of people who have disproportionate success, for the most part, are normal people and if they are being honest with you, they will tell you that they got really lucky,' he said. 'I got really lucky.' By age 32, he had earned enough to retire, but instead joined a small fund company with $50 million in assets under management. That company grew into CI Financial Corp., where he rose to become CEO and later executive board chair.
CI Financial had about $140 billion in assets under management when it was taken private last year by the United Arab Emirates sovereign wealth fund in a deal valuing its publicly traded shares at $32 apiece. Holland owned a substantial number of shares at the time but has since divested.
Philanthropy as a Purpose
'Philanthropy gives you a purpose,' Holland said. 'There is no better way to spend your time.' He believes wealthy individuals have a responsibility to give back, and he criticizes Canadians for being 'terrible' at philanthropy compared to Americans. His efforts have transformed institutions: the Holland Bloorview Kids Rehabilitation Hospital and the Sunnybrook Holland Orthopaedic and Arthritic Centre are named after him, reflecting his commitment to children's health and orthopaedic care.
Holland remains active as a board member, leveraging his network to encourage others to donate. Sandra Hawken noted that his knack for 'twisting arms and wringing donations out of others' has been instrumental in raising the additional $50 million.
