Crystalline Management is an alternative investment manager established in Montreal since 1998. The company was founded by Marc Amirault, Co-CIO & Chairman of the Board.

Driven by an approach that values low volatility and returns independent to that of major asset classes, the company’s management philosophy is based on three core principles:


Crystalline’s clientele include Canadian and international institutional investors, family offices and private clients looking to diversify their portfolio without penalizing portfolio performance.

With an exceptionally talented team, an enviable client base, the company is committed to gradually increasing its offering through the development and management of new and innovative alternative products, highlighting the extent of its investment management team’s expertise in Canadian capital markets.



The company now counts fifteen specialized employees, including seven investment professionals along with post graduate interns, all dedicated to constantly improving our absolute return strategies.

Since its founding, Crystalline proved that experience, transparency and consistency can make a difference.

Quarterly Bulletin Q1 - 2024

March 31, 2024

Excellent Start to the Year

In our last year’s quarterly newsletters, we often spoke about how our arbitrage strategies were guided by caution. Faced with frequent and excessive volatility, uncertainty surrounding the end of the interest rate cycle, and equity market valuations that we found to be excessive, we often adopted an approach that put capital preservation at the core of our investment decisions. At the same time, we were able to find many high-quality opportunities that offered attractive risk/return profiles. Today we are reaping the rewards of this cautious yet opportunist approach. The Fund is off to a good start this year (+6.5% CL.F), holding its own against the main benchmark indices. And we believe that we can build on this momentum, even though we still consider the conditions challenging.

Quarterly Bulletin Q4 - 2023

December 31, 2023

A major market rally in the last two months of 2023, in both the equity and bond markets, has left the impression that it had been a good year for financial assets. But without these two months, the results would have been quite lacklustre. Many investors are nevertheless now showing considerable enthusiasm for 2024, anticipating that central banks will soon begin a series of interest rate cuts. But we have our doubts.

Our results for 2023 reflect a prudent approach at a time when the markets lacked direction and were highly volatile. In this way, we successfully protected capital, but this defensive approach, and a few negative outcomes in the M&A and convertible bond segments left the fund flat for the year. In response, we have undertaken a number of initiatives to drive better results in 2024.