After more than 50 years in the investment business, pioneering fund manager Ian Soutar has died of cancer.

According to his obituary, Soutar, 79, died in hospital in Montreal on March 21 from multiple myeloma.

A Quebec native, Soutar co-founded his own investment firm, Pembroke Management Ltd. in 1968, and helped launch GBC Asset Management in 1998. He continued working at Pembroke until earlier this month, most recently serving as chairman emeritus and partner with the firm.

Investment Executive lauded Soutar as its Mutual Fund Manager of the Year in 1999. In 2013, he was the recipient of the Morningstar Career Achievement Award. As a money manager, he believed in stock picking and focusing on growth-oriented small and medium-sized firms.

See: Ian Soutar on his 2013 Career Achievement Award

Prior to starting his own firm, Soutar worked in the investment business at the Sun Life Assurance Co. of Canada, Power Corp. and Standard Life. He also served on the board of governors at McGill University.

Soutar leaves behind his wife, three children and four grandchildren. A funeral service is scheduled for March 29 at the Church of St. Andrew and St. Paul in Montreal.

A tribute fund has been opened in his name at the MUHC Montreal General Hospital Foundation (www.mghfoundation.com). Condolences may be left at www.kanefetterly.qc.ca.