Team


Oak Bay Capital clients benefit from the depth and breadth of the accumulated experience of its principals. The team has a strong background in investment management, finance, research, science, information technology and client service.

Reyer Barel

Reyer Barel, MSc, MBA, CFA
Co-CEO

Prior to co-founding Oak Bay Capital, Reyer spent over two years at Bristol Gate Capital helping the firm build their investment management and data science teams. Reyer’s responsibilities at Bristol Gate included acting as the Co-CIO, Portfolio Manager, Managing Director for both the Data Science and Investment Research teams.


Prior to joining Bristol Gate, he spent seven years working as a senior investment analyst with Hamblin Watsa Investment Counsel, a Fairfax company, where he worked on public market fixed income and equity research as well as private equity deals.

From 1996 to 2007, Reyer was employed by several major companies including AT&T Canada, Rogers Communications Inc. and Hewlett Packard where he worked in database management and various IT consulting roles.

Educated at the University of Western Ontario, Reyer earned an Honours Bachelor of Science followed by an MSc in Physics (1995). He completed an MBA from the Richard Ivey School of Business (2008) where he graduated with distinction, and is a CFA charterholder.

Reyer is a member of the Ben Graham Centre for Value Investing Advisory Board for the Ivey Value Fund and teaches a Finance – Strategic Investing Course to 4th year business students at the Richard Ivey School of Business.

Andrés Camacho

Andrés Camacho, CFA
Co-CEO

Andres Camacho is Co-CEO of Oak Bay Capital. Prior to co-founding the company, he was a Senior Consultant at one of Canada's leading pension funds, where he acted as chief liaison between asset management teams and the fund's clients. His role required an in-depth knowledge of asset allocation in the context of specific risk and return requirements.


Prior to that, Andrés spent a decade at BMO Nesbitt Burns, the last 5 years as a Portfolio Manager with a team with over $500M under management. In addition to client-facing responsibilities, he acted as lead on several investment mandates focused on capital preservation through asset allocation and active risk management. His portfolio management experience includes research (global macro, investment strategies, hedge funds and outside managers) trading (equities, options and foreign exchange), and client communications (authoring investment views and publishing the team’s investment strategy newsletter).

Andrés is a member of the CFA Society Toronto and WCM (Women in Capital Markets), actively volunteering in their mentorship program for young professionals. He is also guest lecturer at the Richard Ivey School of Business, focusing on behavioural finance for the 4th year Strategic Investing course. Andrés has a Bachelor of Commerce in Finance (2003), an International Business Diploma (2000), and is a CFA charterholder.

Ian Johnson

Ian Johnson, CFA
Chief Operating Officer

Ian Johnson is Chief Operating Officer at Oak Bay Capital. He is a highly skilled risk manager with extensive theoretical and hands-on experience designing options strategies for sophisticated institutional and private investors seeking to protect capital during pronounced market drawdowns and enhance portfolio yield.


Prior to joining Oak Bay Capital, Ian was the Chief Risk Officer for SAGE Connected Investing, an investment advisory team ranked #3 in Canada in 2018 by Wealth Professional magazine. Ian led multiple projects related to the launch of the SAGE Proactive Income Equity Fund (the first pooled fund in Canada launched under the Raymond James umbrella), including drafting the strategy playbook, building institutional quality options analytics and risk management systems, and spearheading the implementation of the Wolverine Execution system, a sophisticated options trading platform.

Prior to his work at SAGE, Ian was a Portfolio Manager at Sherpa Asset Management Inc., a top-ranked Canadian hedge fund, where he actively managed multiple portfolios for some of Canada’s most sophisticated institutional investors, including the Ontario Teachers’ Pension Plan, the Manitoba Teachers’ Society and the Jim Pattison Foundation. In 2012, Sherpa’s flagship Fund, which Ian helped create and co-managed, was nominated as one of three finalists for Morningstar’s Best Opportunistic Hedge Fund award.

Deeply committed to professional development and education, Ian currently teaches an investment course at the University of Victoria and is a guest lecturer for the 4th year Strategic Investing course at the Richard Ivey School of Business. He also volunteers his time as a member of the Victoria Foundation's Investment Committee and is a member of the Victoria-Harbourside Rotary Club. Ian is a graduate of Queen’s University and a CFA charterholder.

Oak Bay Capital

Oak Bay Capital was founded on the core belief of helping our clients navigate an increasingly complex market environment by focusing on risk management and superior stewardship of capital. Our investment strategy is specifically designed to protect capital while delivering attractive returns over the long term.


“The essence of investment management is the management
of risks, not the management of returns.”
― Benjamin Graham