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GMP Capital is expanding its global energy advisory practice, adding an experienced oil and gas team to its London, England-based subsidiary, GMP Securities Europe.

GMP Europe adds Nick Morgan and Chris Beltgens to its investment banking team, and Peter Nicol and Toby Pierce to its research team. Also joining GMP Europe are Jessica Lindskog, Robin Black and Jamal Orazbayeva, all with prior oil and gas advisory experience.

“We are pleased to be adding the experience and relationships of this oil and gas team to the existing mining advisory business in our London office, which enhances the natural resources focus of GMP Europe and further increases the global reach of GMP’s leading energy advisory franchise,” says Kevin Sullivan, CEO of GMP.

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CC&L files prospectus on bond fund

Connor, Clark & Lunn Capital Markets has filed a preliminary prospectus for the Build America Investment Grade Bond Fund, which has been filed with the securities regulatory authorities of all the Canadian provinces for an initial public offering of Class A and F units.

The fund’s investment objectives will be to provide unitholders with monthly tax-advantaged cash distributions, and maximize total return for unitholders, while seeking to reduce risk. Distributions are initially targeted to be $0.1198 per month per unit consisting primarily of returns of capital, representing a yield on the unit issue price of 5.75% per annum.

The fund will seek to achieve its investment objectives through exposure to a portfolio consisting primarily of investment Grade Build America Bonds which will be actively managed by sub-advisor Nuveen Asset Management.

Build America Bonds are bonds issued by U.S. state and local governments to finance capital projects that meet essential needs such as public schools, roads, water and transportation infrastructure, bridges, ports and public buildings.

CC&L says many Build America Bonds are general obligation bonds, which are backed by the full faith and taxing power of the governments issuing them. Most issuers of Build America Bonds receive a subsidy from the U.S. federal government equal to 35% of the interest paid to investors.

Nuveen Asset Management believes that Build America Bonds offer a compelling yield opportunity when compared with equivalently rated corporate bonds. Investment Grade municipal issuers, which include issuers under the Build America Bonds program, have historically had lower default rates than AAA-rated corporate bonds.

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ACCP names board of directors

The Association of Canadian Compliance Professionals (ACCP”) has announced its new Board of Directors for 2010. The board is as follows:

• Manny DaSilva, Canfin Financial Group, co-vice chair • Gary Legault, IPG Investment Corporation, co-vice chair • Cheryl Hamilton, MGI Financial Inc, secretary • Novlette Simpson, B2B Trust, treasurer • Darlene Barker, Desjardins Financial Security Investments, B.C. chapter co-Director • Martha Kane, Credential Asset Management, BC Chapter co-director • Donna Dawson, ATB Investment Services Inc, Alberta chapter director • Carol Krienke, Partners in Planning, Saskatchewan chapter director • Chris Hall, Credential Asset Management Inc, Manitoba chapter co-director • Sandra Shibata, Investors Group Financial, Manitoba chapter co-director • Pierre Saint-Laurent, AssetCounsel Inc, Quebec chapter director • Jeff Jackson, Monarch Wealth Corporation, general officer • Richard Austin, Borden Ladner Gervais, general officer

Founded in 2000, the ACCP is an organization representing individuals who are dedicated to improving compliance operations within the mutual fund dealer community.

The ACCP’s new board will tackle new challenges in 2010, in particular, the distribution of mutual funds. The ACCP says financial planners across Canada must ensure that they comply with multiple rules and regulations, designed to ensure that investors obtain portfolios that are suitable, that records show the true nature of investments, and clients are treated fairly and knowledgeably.

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Algorithmics wins Financial Innovation Awards

Algorithmics has won the award for Most Innovative Financial Services Solution for the Algo Real-Time Credit Engine at the Financial Innovation Awards 2009.

Algo Real-Time Credit Engine is the front office component of Algorithmics’ counterparty credit risk solution, which unifies three often incompatible systems in a bank end of day batch exposure calculation, pre-deal credit exposure and limits management and credit valuation adjustment (CVA).

“It has become common practice in the industry to calculate CVA at deal time when pricing new trades. Using Algorithmics’ counterparty credit risk solution, banks can calculate the incremental CVA and exposures at deal time, using the most accurate methodology available and not compromising execution times. Clients gain a clear competitive advantage over their competitors who use simplistic, conservative methods,” says Bob Boettcher, senior director, product strategy, Algorithmics.

Algo Real-Time Credit Engine has received four other awards over the last 12 months, including Risk Magazine’s Software Product of the Year Award 2009, Credit Magazine’s Credit Technology Innovation Award 2009, Banking Technology’s Best Risk Management Technology Achievement Award and Finextra Innovation Showcase.

(01/06/10)