Latham Cawthra Burns: ‘icon’ of securities industry
June 26, 1930 to May 12, 2015
With a laugh, Thomas Kostandoff remembers the first time he met Latham Cawthra Burns. It was at a Cornell University alumni cocktail reception, now 45 years ago to the month. “He was a larger-than-life character, a wonderfully nice man and was responsible for getting me on Bay Street,” said Kostandoff, president of ZSA-X Financial Services Recruitment. “I was introduced to him and the next thing you know, I started working at Burns Bros. & Denton Ltd.”
Burns passed away on Tuesday, May 12, at age 84, while with family. He is survived by his wife Paddy Ann Higgins, his five children and eight grandchildren.
The former president and CEO of Burns Fry Ltd., the predecessor of BMO Nesbitt Burns Inc., Burns was a graduate of Trinity College School in Port Hope, Ont., and Cornell University in Ithaca, New York. He began his career working in the family business, Burns Brothers, founded in 1932 by his father and uncle, Charles F.W. Burns and H. Latham Burns.
Burns joined the firm in 1952 after it merged with Denton Ltd., and became president in 1966. He remained chairman of Burns Fry from 1976 to 1989, and during his tenure helped transition the firm from a small regional player to a major player in the international sphere.
Following the 1994 merger of BMO Nesbitt Thomson and Burns Fry, Burns served as honorary chairman of BMO Nesbitt Burns until his retirement, and helped create opportunity for the next generation of investment bankers and entrepreneurs.
Bill Downe, CEO of BMO Financial Group, said, “He was a leading figure in the history of Canada’s securities industry and, in effect, one of the important builders of our company.”
Splitting his time between Toronto and Aiken, South Carolina, where he hosted many gatherings at his beloved Pink House, Latham was known as a colourful storyteller with a great sense of humour.
Jacques Menard, president of BMO Financial Group in Quebec, called Burns “an icon, the last of a breed. I got to know him in 1972 when I was 26, the youngest director Burns Bros. & Denton had ever hired. He never took himself seriously, he would laugh at his own jokes and before the punchline.
“I remember before a story, he liked to say, ‘Let’s have a yarn!’ I use that all the time now. And he would open meetings by yelling out, ‘ Hark!’ He was my mentor, a warm and gifted man; a class act.”
Burns was also well regarded for his philanthropy, lending his time and energy to a number of organizations, including as chair of the St. Michael’s Hospital Foundation. He was also an active member of several Canadian organizations and clubs, including The Toronto and The York clubs.
Kostandoff adds, “He’ll be most remembered for his graciousness and his passion for the business. He had an incredible love for Kingsfield Farm, his father’s land, and of course, a great passion for his wife, Paddy Ann, which everybody knew. They were greatly admired.”
He’ll be remembered for his graciousness and his passion for the business