Briefly:

(April 16, 2004) The Financial Planning Standards Council (FPSC) has upgraded its Web site to include more information about financial planning. The promoter of the CFP designation introduced the new online Learning Centre today.

“Learning — like financial planning — should be a lifelong pursuit,” says FPSC vice-president Ann Bowman. “The FPSC Learning Centre is part of our ongoing efforts to empower Canadians to learn more about financial matters so they can make more informed financial decisions.”

The centre includes sections on general financial planning, estate planning, tax planning, retirement planning and risk management. The content was developed by volunteer CFPs and other financial industry experts. A quick check of the Web site reveals articles on topics such as charitable giving, cross-border planning and mutual fund fees, though not all the sections currently include articles.

“The Learning Centre will constantly be expanded and revamped,” says Bowman. “We have several content writers on board now who, after tax season, will be providing us with many more articles.”

The centre also includes services previously offered by the FPSC, including an “ask the expert” section and the “find a planner” search function. To visit the FPSC’s Learning Centre, target=”new”please click here.

• • •

Ontario, Quebec regulators announce agreement on stock market oversight

(April 16, 2004) Quebec’s new financial services regulator and the Ontario Securities Commission (OSC) today announced an exemption agreement for the two provinces’ main stock exchanges.

Under the agreement, the TSX will be exempt from the terms of Quebec’s securities act and the Bourse de Montreal will be exempt from Ontario’s securities act and commodity futures act.

Quebec’s Autorité des marchés financiers (AMF), established in February, will act as the lead regulator for the Bourse and the OSC will be responsible for overseeing the TSX. The exempting regulator will have the opportunity to raise issues about the lead regulator’s oversight, the AMF and OSC said in a joint statement.

• • •

Transamerica Life upgrades UL product

(April 16, 2004) Transamerica Life has announced a number of enhancements to its Estate Advantage Universal Life insurance plan.

The upgrades include a guaranteed accumulation bonus, paid starting in the second year of the policy. Clients who opt to defer the bonus receive lower management fees and a boost on fixed rate interest options.

“With our enhanced Estate Advantage offering, advisors have the capability to improve tax-sheltering of interest accumulation for their clients,” says Transamerica Life’s Joe Kordovi. “The improved accumulation bonus offers younger clients great value as it rewards savings while our low-fee deferred bonus option helps mature clients who have less time to benefit from long-term universal life bonuses.”

The new plan will be available May 1, 2004.

• • •

BoC offers cautious outlook

(April 15, 2004) The Bank of Canada has released its April Monetary Policy report, saying the Canadian economy continues to adjust to the shifting global economy, which offers both challenges and opportunities.

The rapid development of the Indian and Chinese economies may increase competition in the global economy, but with enormous populations, both countries represent new trading partners. These nations will also drive commodity prices higher as they build out their economies.

The bank expects the Canadian economy to grow by about 2.75% in 2004, before picking up steam in 2005 with growth of 3.75%. Core inflation is expected to rise by 1.5% in 2004 and 2% in 2005.

• • •

Acquisitions help lift CI’s bottom line

(April 14, 2004) CI Fund Management reports profits rose to $87 million in the latest quarter, thanks to rising stock markets and a series of asset-boosting acquisitions.

Net income surged more than 300% and CI’s assets totalled $49.5 billion in the three months ending February 29, 2004, an $18 billion increase from last year.

The latest quarter included results from Assante, Synergy and Skylon, all acquired by CI last year. Those three firms contributed an additional $9.3 billion in assets, CI says.

“These acquisitions are clearly working out well and have far exceeded our expectations, positioning us well to look at future opportunities that might be available,” said CI president William Holland in a conference call.

• • •

Ibbotson portfolios added to NaviPlan software

(April 14, 2004) NaviPlan’s financial planning software will soon include asset allocation options from Ibbotson Associates, NaviPlan’s developer announced today.

The new versions of NaviPlan Standard and NaviPlan Extended — scheduled for release this month — will contain Ibbotson’s risk-tolerance questionnaire, model portfolios, security classifier and mean-variance optimizer.

“This new development in our business relationship will offer all advisors access to Ibbotson’s trusted model portfolios and risk assessments within NaviPlan’s fully-integrated modules,” says Mark Evans, CEO of Emerging Information Systems, developer of NaviPlan.

• • •

RBC tinkers with funds

(April 14, 2004) RBC Asset Management today announces changes to its mutual fund lineup affecting the O’Shaughnessy fund family and RBC’s series of portfolio funds.

RBC says it is changing the investment strategy of the three RBC O’Shaughnessy funds to allow the portfolio of each fund to be managed in two segments, an approach the bank says will help facilitate the rebalancing process and improve liquidity and trade execution.

RBC is also making a number of adjustments to its Select and Select Choice portfolios to meet new regulatory requirements relating to the investment by mutual funds in other funds, adjusting the investment range of the asset classes and adding several new funds to better meet investment objectives.

• • •

B2B Trust launches new loan product

(April 13, 2004) B2B Trust today introduced a new investment loan product that promises to simplify and speed up the application process for advisors and their clients.

Under the “100% Accelerator Loan” program, funds are usually made available within 24 hours. Loan amounts are available from $10,000 to $50,000.

“We are well aware that investors want access to funds without undue constraints, while financial advisors want a process that’s quick and efficient,” says B2B vice-president Al Spadaro.

Investors are not required to make principal payments, only interest, and there will be no margin calls should the value of the investment fall, B2B says. Investors can pay down their loan at any time without fees or penalties.

• • •

Starquote picked up by Thomson Financial

(April 12, 2004) Thomson Financial has announced plans to purchase the information services division of CGI, including Starquote, a popular financial data service used by the bulk of the country’s brokerage firms.

Starquote provides brokers with information on North American financial markets, including real-time quotes. Starquote was among the assets of the Star Data company, which CGI acquired in 2001.

“Starquote’s established industry position will enable us to provide Canadian financial professionals comprehensive analytical and workflow- based products, technology and distribution services tailored to their specific needs,” said Thomson Financial CEO Sharon Rowlands.

This marks the second Canadian acquisition in the financial services field by Thomson in 2004. In January, Thomson bought the Institute of Canadian Bankers — the educational arm of the Canadian Bankers Association.

• • •

Mavrix goes public

(April 12, 2004) Mavrix Fund Management has filed a prospectus for an initial public offering of five million common shares. The initial price of the shares will be $3.75, Mavrix said, with gross proceeds of $18.75 million.

The common shares of Mavrix have been conditionally approved for listing on the TSX under the symbol MVX. The IPO, sold by a syndicate of underwriters led by National Bank, will close on April 19.

• • •

(04/12/04)