Briefly:

(November 28, 2003) If you haven’t been to Advisor Forum 2003 yet, you’re down to your last chance. The trans-Canada conference makes its final stop in Halifax on Monday, December 1.

The two day conference kicks off at the World Trade and Convention Centre, 1800 Argyle Street, with the keynote address from Bill Good, who will share his tips on “How To Be Up in any Market.”

Main-stage speaker topics will include “NEAT Solutions for Buy-Sell Arrangements” and “Regulatory Initiatives and Alternatives.”

There are also a number of workshops available, including “Moving Your Clients up the Continuum: HNW Solutions for Long-Term Success” and “Going with the Flow: Enhancing Cash Flow in Retirement.”

Don’t miss day two’s keynote speaker John De Goey, as he asks “So You Call Yourself A Professional?” The conference wraps up with the Top Advisor Panel, which will include David Bluteau, Mike DeVenney, Michael Nuschke and Rémy Richard.

Advisor.ca will provide coverage throughout the week.

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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CSA wants increased insider disclosure

(November 28, 2003) The Canadian Securities Administrators (CSA) has approved a new rule which requires corporate insiders to disclose the terms of so-called “equity monetization” transactions. These transactions are derivative-based and allow insiders to effectively “cash out” their holdings without formally selling.

“While the current rules capture most of these types of transactions, this rule removes any doubt that may have existed,” said Stephen Sibold, chair of the CSA and of the Alberta Securities Commission. “If these kinds of transactions are not disclosed, an insider’s publicly disclosed holdings do not accurately reflect the insider’s ‘true’ economic position in the company.”

The new rule is called Multilateral Instrument 55-103 Insider Reporting for Certain Derivative Transactions (Equity Monetization) and comes into force on February 28, 2004.

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New book explains estate planning

(November 28, 2003) The Canadian Estate Planning Organizer, a new book aimed at explaining estate planning in plain language, is now available.

Written by insurance advisor Robert Haisman and lawyer Francis De Sena, the book covers wills, powers of attorney, intestacy, and the use of trusts.

“The Canadian Estate Planning Organizer provides an extensive estate planning checklist, areas for record keeping, asset and liability schedules, as well as a section on how life insurance applies to estate planning,” says CEPO president Vicki Haisman. “The publication includes strategies for charitable giving, and a probate schedule for every province and territory.”

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New SRI firm ‘delighted’ by response

(November 27, 2003) A new socially responsible fund company has attracted $25 million in investments within its first eight weeks. Real Assets Investment Management operates two “social impact” funds, which were launched in September.

“So far, we’re delighted with the enthusiastic response from investors and financial advisors,” says Real Assets CEO and portfolio manager Deb Abbey. “For the first time Canadian social investors can invest in the best instead of merely screening out the worst.”

Real Assets offers its Social Impact Balanced Fund, a balanced portfolio fund composed of Canadian and U.S. stocks as well as Canadian fixed income, and the Social Leaders Fund, which invests in “very best corporate citizens.”

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TD, CIBC issue earnings reports

(November 26, 2003) The parade of bank earnings continued today, as TD Bank Financial Group announced its 2003 fourth-quarter net income of $501 million, compared to a loss of $196 million in Q4 of 2002. The bank’s full-year earnings hit $989 million, compared with a loss of $160 million in 2002.

“I was confident that we had the strategies and expertise to deliver on our plan to reposition the bank but was pleasantly surprised at how quickly we were able to achieve our goal,” said W. Edmund Clark, TD Bank president and CEO.

The CIBC also announced earnings for its fourth quarter, posting a profit of $510 million, compared to a loss of $788 million in Q4 of 2002. Net income for the year hit $2.063 billion.

“We are pleased with another solid quarter, closing off a strong year for CIBC — in terms of both financial and share price performance,” said CIBC president and CEO John S. Hunkin. “Recommencing our share repurchase program and increasing the dividend paid to our common shareholders demonstrates confidence in our business strategies and the strength of our balance sheet.”

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Royal, BMO post strong earnings

(November 25, 2003) The Bank of Montreal and Royal Bank have released fourth-quarter earnings reports today, showing that the sector is indeed alive and well.

Royal Bank posted a profit of $804 million in Q4, bringing its annual profit to $3.036 billion. Diluted earnings per share rose to $4.43, a gain of 8% over the previous year.

The Bank of Montreal posted a net income of $513 million on the quarter, up 29% from the same quarter last year. Net annual income was $1.825 billion, or $3.44 per share.

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Ontario regulator publishes CNQ status request

(November 25, 2003) The Ontario Securities Commission (OSC) has posted the Canadian Trading And Quotation System’s (CNQ) request for recognition as a stock exchange on its Web site. The issue is now open for public comment.

In February 2003, the OSC had recognized CNQ as a quotation and trade reporting system, and trading of non-exchange-listed equities began on July 25. The change in status will automatically make CNQ-accepted listings “reporting issuers in Ontario.”

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VenGrowth launches conservative labour-sponsored fund

(November 24, 2003) VenGrowth Capital Partners has launched the VenGrowth Traditional Industries Fund, a labour-sponsored product which will offer loans to established mid-market firms in the manufacturing and services sectors. The fund will be administered by Mackenzie Financial Services.

“Canada is home to many successful privately-held, mid-market firms in manufacturing and other traditional areas of business that are looking to expand through mezzanine financing,” says Mackenzie president David Feather. “With this fund, our investors have an opportunity to participate in the growth of these private enterprises.”

The fund offers the same tax advantages as Vengrowth’s other labour-sponsored investment funds, is 100% RRSP-eligible and available across the country.

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TD sees “buoyant” consumer

(November 24, 2003) Despite high debt levels and a sluggish employment market, TD Economics is predicting consumer spending will continue at a “sustainable” rate. A report from the bank’s forecasters called the high debt level a “rational response to a low interest rate environment.”

“The rising debt burden of Canadians, in excess of 100% of disposable income for the first time, is not a major worry for several key reasons,” said Eric Lascelles, an economist at TD Bank Financial Group. “Most importantly, historically low interest rates have pushed the cost of debt down to such an extent that interest charges on debt eat up less of the average person’s pay than it has in decades.”

“The vigorous demand for durable goods in 2002 has softened this year, but consumer spending on services, previously a sore spot for the economy, has stepped forward to take its place,” said Lascelles.

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Survey says more Canadians using mortgage brokers

(November 24, 2003) An increasing number of Canadians homebuyers used the services of a mortgage broker last year, according to a report from independent mortgage brokerage Invis. More than one-quarter of mortgage-shoppers opted for a brokered mortgage in 2002, the survey found.

“Mortgage brokers are getting involved early in the process, adding value, providing advice and helping purchasers navigate the process from beginning to end,” said Andrew Moor, president and CEO of Invis.

A separate survey by the Canadian Institute of Mortgage Brokers and Lenders (CIMBL), said 69% of homebuyers were pre-approved by one lender, while 16% had two pre-approvals and 14% had three.

The CIMBL survey also claimed 80% of consumers believed there should be a national certification and registration process for mortgage professionals.

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AIM Trimark brings Enterprise fund “in-house”

(November 24, 2003) AIM Trimark has replaced Kiki Delaney, of C.A. Delaney Capital Management, as manager of the Trimark Enterprise Fund. Effective November 26, the fund will be managed by Ian Hardacre, currently manager of Trimark Canadian Fund and Trimark Select Balanced Fund.

“Kiki was a welcome addition to the Trimark team and we thank her for her contribution,” says Patrick Farmer, chief investment officer of AIM Trimark. “With the depth and quality of Canadian equity managers that we now have at AIM Trimark, it makes sense to bring the fund in house.”

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Mackenzie adds four funds to Capital Class structure

(November 24, 2003) Mackenzie Financial is making some of its Cundill, Universal and Maxxum funds available in its tax-efficient Capital Class structure.

“Our Mackenzie Capital Class funds effectively roll professional expertise, tax deferral and plan flexibility into one package,” said David Feather, president, Mackenzie Financial Services. “This latest expansion of our switch fund structure gives investors four more reasons to move into Capital Class.”

The affected funds are Mackenzie Cundill Canadian Security Fund, Mackenzie Universal U.S. Growth Leaders Fund, Mackenzie Maxxum Dividend Fund and Mackenzie Maxxum Canadian Equity Growth Fund. The funds will also remain available in their regular structure. Mackenzie says investors can now switch between 40 Capital Class funds without immediately incurring a tax liability.

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(11/24/03)