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Groupe Promutuel and Desjardins Group have signed an agreement-in-principle, which will create a business partnership for the distribution of financial products and services, such as mortgage loans and savings products.

“We are delighted to have reached an agreement with our Groupe Promutuel colleagues, which is proof of our common desire to bring two organizations that share the same values closer together,” says Monique F. Leroux, chair of the board, and CEO of Desjardins Group. “I wish to thank Groupe Promutuel’s board of directors and management for their trust. I am convinced that we have laid the foundations of a prosperous relationship, for Promutuel and Desjardins, as well as for all their members and clients.”

Groupe Promutuel’s chair of the board, Omer Bouchard, he said he was extremely pleased to have signed this agreement.

“The board members unanimously approved Desjardins Group’s offer. We are convinced that it will be beneficial to both our organizations, to our clients and to the future of Quebec’s cooperative and mutualist movement. We are proud that two Quebecois cooperatives were able to detect the potential of such an association.”

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ScotiaFunds launches INNOVA T-class

ScotiaFunds today announced the launch of Scotia INNOVA Portfolios Class T, a managed income solution for investors with non-registered assets exceeding $50,000.

Scotia INNOVA Portfolios T-class combines monthly cash flow and the potential for greater tax efficiency with the same convenience, exclusive investment management and comprehensive diversification of ScotiaFunds’ highly successful Scotia INNOVA Portfolios.

“ScotiaFunds continues to broaden our product offerings with customized solutions for a wide range of investors,” says Glen Gowland, president and CEO, Scotia Asset Management. “Scotia INNOVA Portfolios Class T address the growing need for predictable distributions for investors nearing or in retirement. With interest rates at historical lows, the portfolios offer investors regular income that might otherwise be difficult to achieve in today’s low interest rate environment.”

Scotia INNOVA Portfolios Class T provides investors access to three portfolios, each targeting a distinct monthly distribution. They are the Scotia INNOVA Income Portfolio Class T, Scotia INNOVA Balanced Income Portfolio Class T and the Scotia INNOVA Balanced Growth Portfolio Class T.

The cash flow strategy of each Class T Portfolio is aligned against its growth potential to better sustain investors’ long-term cash flow needs.

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Dynamic launches short-term bond fund

Dynamic Funds has launched the Dynamic Short Term Bond Fund, aimed at providing a high level of interest income while preserving capital and maintaining liquidity. The fund is co-managed by Domenic Bellissimo and Michael McHugh of Dynamic’s Fixed Income Team.

Dynamic says the fund has the flexibility to invest in a broad geographic mix of both government and investment-grade corporate bonds. The fund also has the ability to actively hedge currency and interest rate risks.

The fund targets a fixed monthly distribution of 1.88 cents per unit, with an initial yield of 2.26% based on a net asset value of $10.00, which is fixed but not guaranteed.

Bellissimo, a portfolio manager at Goodman & Company, has more than 15 years of industry experience, including 11 years in credit analysis. McHugh, vice president and portfolio manager at Goodman & Company, is the head of Dynamic’s Fixed Income Team and has more than 23 years of industry experience with a specialization in debt markets.

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Haywood Securities grows its oil and gas team

Haywood Securities, has appointed Mark Reynolds to its research roster, adding to the growing strength of the firm’s oil and gas team. Reynolds brings relevant experience and skills that will broaden Haywood’s coverage of the increasingly important energy sector.

“As the economy continues to strengthen, opportunities in the oil and gas sector are similarly increasing,” says Rob Blanchard, president of Haywood. “In this climate, it becomes increasingly important that Haywood continues its penetration of and expansion in the sector in order to meet our clients’ growing appetite for ideas and products. Mark’s industry experience and knowledge of the oil and gas arena enhance our ability to do that.”

Reynolds comes to Haywood from GMP Securities, where he was most recently senior vice-president. He has worked in a variety of research and analysis roles, where he gained extensive experience and knowledge of the domestic and international oil and gas markets.

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RBC exec wins NBLCC award

John Taft, head of the U.S. division of RBC Wealth Management and CEO of RBC Capital Markets Corporation, has been named the “outstanding corporate diversity leader” by the National Gay & Lesbian Chamber of Commerce (NGLCC) at the third annual NGLCC Diversity & Leadership in Financial Services Awards.

The awards were presented at the New York Stock Exchange. RBC Wealth Management was also was awarded the “Excellence in Marketing and Outreach Award” by the NGLCC.

Taft has made it a priority to include diversity in all aspects of the workplace environment. This focus helps improve the quality of life of clients, employees and the communities where RBC does business.

“RBC Wealth Management applauds John’s consistent commitment to diversity,” said George Lewis, group head, RBC Wealth Management. “As a company, RBC has been committed to diversity and inclusion for decades and this represents one of our core values in all our businesses. Our success is built on forming solid relationships based on trust and respect. John exemplifies a leader that truly makes diversity a top priority and we are thankful for all he has done to champion the cause.”

The Outstanding Corporate Diversity Leader Award recognizes a corporate champion with demonstrated commitment and forethought in developing unique and creative programs and resources for inclusion of LGBT employees, and the excellence in marketing and outreach award is given to the corporation that stands out for its culturally competent efforts to include LGBT customers in their marketing strategy.

In 2009, Taft approved the modification of the firm’s non-discrimination policy to include gender identity and gender expression and joined the Human Rights Campaign’s (HRC) Business Coalition for Workplace Fairness in support of ENDA (the Employee Non-Discrimination Act). He also supported and participated in many diversity and inclusion-related events, such as the Minnesota AIDS Project Oscar Night, Minnesota AIDS Walk, National Coming Out Day, Greater Seattle Business Association and HRC Dinners.

(01/12/10)