Do not be alarmed, bay Streeters, but your multibillion-dollar corner of the world is strongly influenced by what is fondly referred to as “the Winnipeg Mafia.”

Sure, everybody knows prominent Winnipeggers who head local firms. There’s Ray McFeetors at Great-West Lifeco Inc. and Murray Taylor at IGM Financial Inc. There’s also Sandy Riley at Richardson Partners Financial Ltd. and Charlie Spiring at Wellington West Capital Inc.

But many others — who grew up suffering through Winnipeg winters, scarfing back Salisbury House Nips at 2 a.m. and spinning records of local artists such as The Guess Who and Harlequin — have risen to the top of some of the biggest companies in Canada’s financial services industry.

There is Rick Waugh, president and CEO of Bank of Nova Scotia; RBC Capital Markets’ president and CEO Chuck Winograd and deputy chairman Bruce Rothney; and Kiki Delaney, founder and president of Delaney Capital Management Ltd. — to name a few.

It’s not a trend that came out of nowhere. Two decades ago, it was much the same. There was Jimmie Connacher and Neil Baker, who ran Gordon Capital Corp.; as well as Jim Pitblado, who was in charge of Dominion Securities Inc.; and Ian Delaney (Kiki’s husband), who headed Merrill Lynch Canada Inc. Add in Donald Johnson, once a senior player at Burns Fry Ltd. (OK, he’s from Minnesota, an hour south of Winnipeg, but he’s close enough.)

Just what is it about growing up in the heart of the Prairies that predisposes people to run Canadian financial services firms?

Winograd says Winnipeg is a place that is big enough to get a feel for life but small enough to be pretty comfortable in it.

“We grew up in a community that was closely knit, in which our fathers and mothers weren’t travelling all over the world. It was an upbringing that led to a sense of belonging and security,” he says. “It created people who are sufficiently comfortable with themselves that they can get things done.”

Kiki Delaney says the city’s agrarian roots fosters hard-working, grounded people who are focused on the important things in life. And a big immigrant influence preaches hard work and career advancement.

“In Toronto, you don’t have any appreciation of the land around you,” she adds. “In Winnipeg, you are always aware of its size and how small you are in relation to it.”

And Winograd says weather is a big motivator. “We were driven by cold. When you have your feet frozen at River Heights [Community Club] playing hockey in winter, you become tougher.”

He says his firefighter father and homemaker mom raised him to have a strong work ethic, a sense of family and to value education.

“Those values aren’t unique to Winnipeg, but they are certainly prevalent there. Growing up in Winnipeg builds two special values: a drive to achieve and to prove yourself. And you learn not to take yourself too seriously,” he says. Referring to residents’ reputation for knowing the value of a dollar, he adds: “Perhaps you could say that has contributed to my success as a banker.”

Rothney says the Winnipeg Mafia moniker comes from a combination of factors: “Manitobans are entrepreneurial and tenacious. On Bay Street, you hear people described as ‘he has Winnipeg tenacity’.”

Waugh will make an important trip home in March to host Scotiabank’s annual meeting.

“It’s the first time we’ve done that, and I’m looking forward to showing off my hometown to shareholders,” he says. IE