Briefly:

(November 20, 2003) Industrial Alliance has closed the deal giving it control of Co-operators Mutual Funds, having received regulatory approval. The deal was announced in August and allows Industrial Alliance to manufacture and distribute its own line of funds.

“While our short-term objective is to endow Industrial Alliance with a solid base in all wealth management sectors, our ultimate objective remains to provide representatives with a complete range of life insurance products, mutual funds, segregated funds and securities so that they themselves may perform an effective and integral management of their clients’ wealth,” said Normand Pépin, executive vice-president at Industrial Alliance

Co-operators has been renamed Industrial Alliance Mutual Funds and becomes a subsidiary of Industrial Alliance.

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CVCA names new executive director

(November 20, 2003) The Canadian Venture Capital Association has appointed Richard Rémillard as executive director.

Rémillard is the past president of RCG, an Ottawa-based management consulting firm specializing in business and policy issues in the financial services industry. He has also served as Vice-President with the Canadian Bankers Association.

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Mortgage industry introduces new designation

(November 19, 2003) Canada’s mortgage industry will soon have its own professional designation for mortgage brokers and lenders. The 5,000 member Canadian Institute of Mortgage Brokers and Lenders will present the program for the new Accredited Mortgage Professional designation at a conference in Toronto later this month.

“Accreditation will bring the mortgage industry in line with other financial services sectors, such as Certified Financial Planners who have already developed professional designations,” said CIMBL president Michael Beckette.

The institute will develop and standardize mortgage industry licensing courses and require accredited brokers to participate in professional development and ongoing continuing education programs.

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RBC to acquire UnumProvident’s Canadian arm

(November 18, 2003) RBC Insurance is acquiring the Provident Life and Accident Insurance company, the Canadian arm of UnumProvident, North America’s largest provider of disability insurance.

No purchase price was revealed, but RBC said it would assume all of UnumProvident’s Canadian policy liabilities and would set aside up to $500 million to complete the transaction.

UnumProvident specializes in group and individual disability insurance. “This deal significantly expands RBC Insurance’s presence in living benefits products, making us the leading provider of individual disability insurance as well as giving up a considerable position in group long-term disability insurance,” said RBC Insurance CEO Jim Westlake.

In an e-mail to RBC Insurance staff, Westlake said UnumProvident would be operated as a stand-alone division, based at the firm’s existing locations. Provident’s head office is in Burlingon, Ontario with regional offices in Toronto, Montreal, Calgary and Vancouver.

“The acquisition will have little impact on the immediate day-to-day activities of RBC Insurance employees and clients, although we believe it will lead to new opportunities across the organization as we move forward,” he added.

UnumProvident’s 600 Canadian employees will be offered positions with RBC Insurance. The deal is expected to close in March 2004, subject to regulatory approval.

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Advocis suspends Toronto advisor

(November 18, 2003) Advisor association Advocis has suspended a Toronto advisor for five years due to code of conduct violations. The sanctions against Gregory Deacon were announced today.

In July, a hearing panel ruled that Deacon violated the Advocis code of professional conduct which requires that members “act with integrity, act competently, act diligently, disclose any conflict of interest in providing products and services, act in a manner that reflects positively on all other Advocis members, and act in accordance with the spirit and the letter of the law.”

The Advocis board agreed with the panel’s decision. The suspension was effective September 22, 2003. Deacon is a former CFP licensee whose designation is currently in default, according to the Financial Planners Standards Council Web site.

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Retirement assets doubled in the 1990s

(November 17, 2003) Canadians have socked away more than one trillion dollars in retirement assets, according to Statistics Canada’s latest report on the country’s retirement income programs.

Funds invested in the country’s three main retirement programs — public pensions, employee-sponsored plans and RRSPs — rose from $593 billion in 1990 to an estimated $1.15 trillion by the end of 2001.

Nearly 70% of retirement assets, or $794 billion, were in employer-sponsored registered pension plans, the agency said today. That’s double the amount reported in 1990.

RRSP assets grew from $131 billion in 1990 to $292 billion in 2001, representing 25% of retirement assets. However, StatsCan adds that only 9% of available RRSP contribution room has been used, “since the majority of taxpayers use only a small portion of their available room in a given year.”

Assets in public pension plans, such as the CPP, fell slightly over the 1990s from $66 billion in 1990 to $65 billion in 2001, representing 6% of retirement assets.

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CI unveils final allocation for Assante deal

(November 17, 2003) CI Fund Management has released the final share and cash allocations for its takeover of Assante. Shareholders of Assante will receive $1.466034 in cash and 0.50586283 CI shares for each Assante share.

Shareholders who opted for a straight cash buy-out will receive $8.25. They will also receive one share of Loring Ward International the U.S. based, high net worth advisor firm spun off from Assante’s Canadian divivision.

The shares are epected to be delivered by November 24, 2003. CI will be paying total consideration of 38.69 million shares of CI and $152 million in cash.

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AIMR grants CFA status to 700 Canadians, 6,000 worldwide

(November 17, 2003) The Association for Investment Management and Research (AIMR) has granted the Chartered Financial Analyst (CFA) designation to 5,860 investment professionals around the world, bringing the number of CFA’s worldwide to over 56,000.

The CFA program consists of three examinations and real-world experience. For the first time, AIMR will offer the Level 1 exam twice in the same calendar year, on December 6.

Canada represented the second largest number of CFA candidates for 2003, with almost 10,500. Of the CFA designations awarded this year, 707 were in Canada. The pass rate for the three exams was 49%.

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Advisor Forum arrives in Toronto

(November 17, 2003) Tomorrow is one of your last chances to attend Advisor Forum 2003, as the road show rolls into Toronto and nears the end of its five-city, trans-Canada tour.

The two-day conference opens on Tuesday at the Metro Toronto Convention Centre. You’ll want to be there early, as Bill Good delivers his keynote address at 8:40 a.m. on “How to be up in any market.”

There are a series of main-stage presentations throughout the day, including “Regulatory Initiatives and Alternatives” and “Income Alternatives for Uncertain Times.” There will also be the presentation of the prestigious Advisor of the Year Award to Jack Lumsden of Assante and the Career Achievement Award for Tom Rice.

Wednesday’s schedule includes a keynote address from author, business coach and advisor favourite Nick Murray, “Opportunism after the Apocalypse,” and continues with main-stage topics including “The 10 Commandments of Managing Your Business to Protect Yourself” and “After-Tax Returns and After-Death Concerns.”

Check out Advisor.ca later this week for Advisor Forum coverage from Toronto. Having already passed through Montreal, Calgary and Vancouver, the last stop for the conference is in Halifax on December 1-2.

For more information on the Advisor Forum schedule and to register online for the conference, go to www.advisorforum.ca or click here.

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OSC warns against fake name scams

(November 17, 2003) The Ontario Securities Commission is again warning investors to beware of fraud schemes dressed up as legitimate financial services firms. Such scams will often use a fake firm named to sound like an affiliate of an established firm.

Fraudulent investment firms have also been known to use non-existent addresses which sound impressive, often on Bay Street, lending the appearance of the firm’s success.

Investors are reminded that they can check up on companies using the Internet sites of Office of the Superintendent of Financial Institutions, the OSC and can check out corporate filings on SEDAR.

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Rob Bell, Bill Smith launch joint venture

(November 17, 2003) Rob Bell, President of R. S. Bell & Associates and creator of BellCharts, and Bill J. Smith, President of W. J. Smith Capital Management have announced a joint venture agreement to offer investment counsel and advisory services.

“I am very pleased to be working with a man of Bill’s expertise and integrity to build upon the independent services we provide to our clients,” said Bell.

Smith is the co-founder of AMI Partners and former president and chief executive officer of Scotia Investment Management. Bell was executive vice-president of Dean Witter Reynolds (Canada) before creating BellCharts and launching his own investment consulting firm.

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