Briefly:

(July 30, 2004) Sun Life Financial has reported quarterly earnings of $438 million, up from $366 million for the second quarter of 2003. Earnings per share were up 22% to 73 cents for the quarter and return on equity (ROE) increased to 12% from 10.%.

“We are pleased with the overall results and the positive contributions made across our businesses last quarter,” said Donald A. Stewart, CEO. “A strong and continuing rebound in earnings in our U.S. operations, solid performances in our Canadian and Asian businesses and improved equity markets contributed to our record results.”

Sun Life announced a small boost to its common share dividend, which is up one cent to 22 cents. The company also repurchased approximately 1.6 million common shares under its share purchase program.

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GGOF hires Mawer

(July 30, 2004) Guardian Group of Funds Ltd. (GGOF) has chosen Mawer Investment Management Ltd. of Calgary, Alberta as portfolio adviser for GGOF Enterprise Fund, effective September 30, 2004.

“While the managers are excellent performers in all major asset classes, we’re particularly impressed with their outstanding track record as a Canadian small cap manager,” said Gavin Graham, director of investments at GGOF. “Their conservative bias, reflected not only in their investment approach, but also in the way they run their business, makes Mawer an excellent fit for GGOF.”

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IGM Financial reports earnings

(July 29, 2004) IGM Financial Inc., the parent of Investors Group and Mackenzie Financial, has released earnings data for the first six months of 2004, turning in profits of $300.5 million compared to $249.1 million in 2003.

On a quarterly basis, IGM earned $152.6 million, compared to $129.4 million in 2003, with earnings per share hitting 57 cents, up from 49 cents. Gross revenues for the first six months of 2004 were $1.04 billion, compared to $915.0 million last year.

“The second quarter was an eventful one for IGM Financial,” said Jeffrey Orr, president and CEO. “The company changed its name to better reflect the evolution and current structure of its business, added an additional source of future growth by completing the acquisition of Investment Planning Counsel and delivered strong financial results to shareholders.”

Mutual fund assets under management totaled $79.7 billion at June 30, 2004, compared to $67.9 billion at June 30, 2003, an increase of 17.4%. IGM has boosted its common share dividend by two and a half cents to 30 cents, payable October 29, 2004, to shareholders of record on September 30, 2004.

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Manulife Mutual Funds caps two funds

(July 29, 2004) Manulife Mutual Funds has announced the capping of two products, the Elliott & Page Active Bond Fund and Elliott & Page Global MultiStyle Fund, effective August 16, 2004. Both the A- and F-class version of the Active Bond Fund are affected.

“Manulife believes it is our responsibility to provide access to ‘best in class’ asset managers for the investment funds we provide,” said Rick Annaert, vice-president of Investment Products for Manulife Financial. “Through continuous review of our fund offerings, we are able to ensure that Manulife Mutual Funds provides investors with one of the best fund selections available to meet investors’ needs.”

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AIM Trimark fund mergers get green light

(July 28, 2004) Investors have approved five mergers of AIM Trimark funds, allowing economies of scale benefits and lower unitholder costs, according to AIM Trimark chief investment officer and executive vice president Patrick Farmer.

The mergers will see Trimark Enterprise Fund folded into the Trimark Canadian Fund; Trimark Enterprise Small Cap Fund merged with Trimark Canadian Small Companies Fund; and AIM American Aggressive Growth Fund merged with Trimark U.S. Small Companies Class.

AIM Global Financial Services Class will be absorbed by AIM Global Theme Class, while AIM RSP Global Financial Services Fund will merge with and continue as AIM RSP Global Theme Fund.

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Great-West reports Q2 earnings

(July 28, 2004) Great-West Lifeco, the primary insurance unit of Power Financial, has announced a second quarter profit of $407 million, excluding charges related to the acquisition of Canada Life. This marks a 56% increase from its $261 million profit in the same quarter of 2003.

Net income, including restructuring costs, attributable to common shareholders for the quarter was $401 million. Year-to-date earnings, as of June 30, hit $777 million, including restructuring charges.

The company also announced it was boosting its common share dividend by 4 cents a share to 36.25 cents and a two-for-one stock split.

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Survey: CFOs want shorter hours

(July 27, 2004) Chief financial officers are feeling overworked and facing burnout, according to a survey by Robert Half Management Resources. One third of CFOs chose shorter working hours as their primary complaint about their jobs.

“CFOs don’t have the luxury of time, yet it clearly ranks as the top priority on their professional wish list,” said Paul McDonald, executive director of Robert Half Management Resources. “New demands are adding to their already busy schedules including regulatory compliance requirements and strategies to optimize business growth after a period of economic uncertainty.”

Second place on the list of things CFOs would change about their job was a tie, with “extend tight deadlines” and “improve relationship with boss” chosen by 12% of respondents.

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CI names new European fund advisor

(July 27, 2004) CI Mutual Funds has announced Trilogy Advisors, LLC, has been named portfolio advisor to CI European Fund and CI European Sector Fund, effective August 1, 2004. Trilogy replaces Trident Investment Management, LLC. Greg Gigliotti, president and senior portfolio manager at Trilogy, has been named lead portfolio manager of the funds

“Investors in the funds will benefit from Trilogy Advisors’ strong global research capabilities,” said Peter W. Anderson, CI’s president and CEO. “Greg Gigliotti is an experienced manager backed by global strategist Bill Sterling and a team of seasoned stock pickers and analysts. Meanwhile, this change allows Trident to focus on its other mandates, including its emerging markets portfolios and its hedge fund.”

The change indirectly affects CI European RSP Fund and two segregated funds, Clarica MVP European Growth Fund and Clarica SF CI European Fund.

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Mackenzie launches two new principal-protected notes

(July 26, 2004) Mackenzie Financial Corporation today announced it has added a fifth and sixth offering to its CIBC FULPAY Mackenzie Funds-Linked Deposit Notes lineup.

Series 5 and Series 6 are debt instruments with 100% of the principal returned at maturity, with the former featuring a broad international equity focus and the latter having an Asia focus. With a minimum $5,000 investment required, the notes qualify as Canadian content for RRSPs and DPSPs. The new notes are available through brokers and financial planners for a limited time, from July 26, 2004 to September 17, 2004.

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(07/26/04)