William Robert WATERS

1932 - 2021

WILLIAM ROBERT WATERS William Robert Waters, C.M., Ph.D., LL.D., passed away peacefully in Toronto on July 28, 2021. A recipient of the Order of Canada and a University of Toronto honorary doctorate, he was an accomplished academic, committed and beloved teacher, a visionary entrepreneur, patron of arts and artists, devoted husband, loyal friend, and above all, an extraordinarily generous philanthropist. Bill Waters traveled a remarkable journey over the course of his life. Made a ward of the Dufferin County Children's Aid Society at his birth in 1932, he was adopted in Orangeville by Edith Waters, a single woman of 51. Bill's entrepreneurial character became apparent early in his life as he started a variety of small businesses in his hometown while still a teenager. After graduating from high school, he went to work in Toronto, first with A.V. Roe, then with Lucas-Rotax. After six years of full-time work he began part-time studies at the University of Toronto, went on to get his MBA, and in 1962 entered the Ph.D. program at the University of Chicago. His doctoral thesis was written under the supervision of Nobel-prize winning Merton H. Miller. Even before the completion of his thesis, he was invited in 1962 to join the University of Toronto to teach economics and finance, lecturing and holding various administrative positions there until 1998, when he was made Professor Emeritus of Economics and Finance. He was the first Academic Director in the Executive MBA (EMBA) program launched in the early 1980's. A caring, gifted and passionate teacher, he was revered by students for his erudition in economics and finance, his ability to make the material both fun and interesting, and his steadfast commitment to helping students leverage their learning to achieve more in their careers than they had previously thought possible. EMBA graduates became good friends of Bill, and many continued to meet him for lunches and dinners until the end of his life. Bill was a successful academic and researcher, but he was constantly seeking ways to make leading-edge thinking useful to practitioners and, in the process, created a number of highly successful businesses. Of his many entrepreneurial ventures, the two most impactful were Financial Models Inc. - a company specializing in computer systems and information services for large investment managers, sold in 2005 - and Portfolio Analytics, which provided similar services to advisors and investors in mutual funds, sold in 2003. He was much respected by staff. Outside the University, he also acted as an expert witness on financial and economic matters before regulatory tribunals, commissions and courts. The focus of the latter period of Bill's life was his devotion to philanthropy. Bill was always conscious of how he had started out in life; indeed, he was very aware of and grateful for the opportunities opened up to him through education. Bill and his wife, Phyllis, were extraordinarily generous benefactors of programs and initiatives at the University of Toronto, the University of Chicago, and Phyllis' alma mater, the Seattle Pacific University. Their giving was often driven by the desire to enable others, particularly adults without the formal education to qualify for university admission, to pursue a university education. Bill's philanthropy also encompassed commitments to the arts and medical care. His passion for the arts led him to support cultural institutions such as the Toronto Symphony and the Faculty of Music at U of T, but also led him to provide support to young artists of high potential who might otherwise have been unable to develop their gifts to their full potential. In the last 25 years of his life, the York Club became a bit of a second home. Bill loved the atmosphere, the staff, and the fellowship of the Club, and could often be found there at lunch. Bill met his wife Phyllis while in Chicago. Married for 53 years, she introduced him to the arts, travelled with him to Greece, France, Switzerland, the British Isles, Egypt and more. When she became ill with chronic pain and fatigue, he was always there for her and explored every avenue to help her. Bill leaves his beloved wife, Phyllis, along with Phyllis's sister, Lynda, and her husband, Denny McCarthy, who were treasured friends. He will be missed by all whose life he touched. In lieu of flowers, please consider donations to the University of Toronto - Woodsworth College, the Toronto Symphony Orchestra, Seattle Pacific University, or a charity of your choice. A celebration of life will be held when all can gather safely.