Briefly:

(October 16, 2003) Applications for life insurance jumped by 4.4% in Canada for September, on a year-over-year basis, according to the MIB Life Index.

The 60+ age group led the pack, with a 19% increase in the number of applications for life insurance. In North America as a whole, insurance applications rose 2.2%, with U.S. applications for those under the age of 44 dropping by 5%. Americans over 60 showed an increase of 13.5% in insurance activity.

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ONE Financial rolls out new notes

(October 16, 2003) ONE Financial has unveiled Series 2 of the ONE Financial All-Star Portfolio Notes, which it touts as Canada’s first “double-guaranteed” mutual fund product. The notes are available until November 14, with a minimum investment of $2,000.

“We guarantee investors 100% of their principal, plus a minimum 7% return at maturity,” said Jeffrey O’Brien, CEO of ONE Financial. “We have provided a very innovative structure that offers an investor in the notes the potential to actually outperform a direct investment in the notes’ underlying investment portfolio.”

The notes’ performance are linked to “a diverse portfolio of top-performing mutual funds,” including CI Global Fund, AGF International Value Fund, AIC American Focused Fund, AIC Diversified Canada Fund and CI Canadian Bond Fund.

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TD funds can now hold TD Bank

(October 15, 2003) Regulators have given TD Mutual Funds the green light to invest in TD Bank stock, providing the trade activity is monitored by an independent committee to safeguard the best interests of fund-holders.

The committee, made up of Peter Gillin, Warren Moysey and Hap Stephen, must report to TD Asset Management, which operates TD Mutual Funds, four times a year.

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Mackenzie makes Capital Class RRSP-eligible

(October 15, 2003) Mackenzie Financial has announced the restructuring of its Capital Class funds, making all 36 funds 100% RRSP-eligible.

“Mackenzie Capital Class now provides expanded benefits — from long-term tax deferral to global diversification to cost efficiencies — and represents a foundation for further investment innovations to come,” said David Feather, president of Mackenzie Financial Services.

The funds were originally designed to minimize tax exposure when held outside of an RRSP. As of September 30, 2003, Mackenzie Capital Class held assets of over $1.6 billion.

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RBC replaces Canadian Growth manager

(October 14, 2003) RBC Asset Management has announced Warner Sulz, senior vice-president, Canadian equities, will take over management of the RBC Canadian Growth Fund.

Sulz’s appointment comes after the departure of fund manager Eden Rahim. Sulz already manages RBC Balanced Growth Fund and heads RBC’s Canadian Technology, Healthcare and Telecommunications team. He will be assisted in the Canadian Growth Fund by Sarah Riopelle, senior analyst, Canadian Equities.

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Consumer confidence on the rise

(October 14, 2003) Canadian consumer confidence grew in September, rising three index points to 121.8, according to the Conference Board of Canada.

“Increased optimism regarding future job prospects was the main driver behind the increase,” said Peter Hall, director of economic forecasting.

The confidence survey found 18.9% of respondents thought job prospects would improve in the next six months and 59.1% said there was no time like the present to make a major purchase, such as a house or car.

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(10/14/03)