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The management of CI Capital Markets Inc. (CICM), formerly the Capital Markets group of Blackmont Capital Inc., has reached a deal to buy the firm from CI Financial.

“This is the culmination of an undertaking that has been ongoing since early December,” says Jeff White, chief executive of CICM. “We have been able to secure strong financial sponsorship and are fortunate to have the continued support of our institutional and corporate clients. We also greatly appreciate the assistance that CI has provided throughout this process.”

The deal is expected to close on or about Feb. 26, 2010, subject to regulatory approval. Following that, the firm will be renamed once again, although that name has not been announced.

“We are pleased to have been able to assist the employees in their efforts to acquire CICM and believe this is a great outcome for them and CI following the completion of the sale of the Blackmont private wealth group in late December,” says CI chief executive William T. Holland. “We continue to be supportive of this group and their new venture going forward.”

The transaction is part of the deal in which CI Financial sold Blackmont to Macquarie Group.

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AlphaPro hires Front Street as sub-advisor

AlphaPro Management has appointed Front Street Investment Management as sub-advisor for the Horizons AlphaPro Managed S&P/TSX 60 ETF, effective today. AlphaPro remains the manager and trustee of the ETF.

“With their vast knowledge and experience, we expect our partnership with Front Street to be rewarding for investors,” says Ken McCord, president of AlphaPro. “This addition reinforces our growing presence of premier Canadian and international sub-advisors and will give significant support to our expanding family of ETFs.”

Front Street will employ top-down fundamental research to adjust the weighting of stocks it believes will outperform or underperform the S&P/TSX 60 Index.

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Wellington Financial provides financing for fundco

Wellington Financial has announced a $10 million debt financing for a Canadian-based fund management company. Wellington did not name the recipient of the financing.

“This most recent transaction is further proof that Wellington Financial has the capital resources to meet the financial needs of companies from a variety of sectors of the economy,” says Mark Usher, partner at Wellington Financial LP.

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Great-West Life, TELUS Health Solutions offer eClaims service

Great-West Life has signed an agreement with TELUS Health Solutions for the development and implementation of the first nationwide eClaims exchange service for extended healthcare providers.

The system will allow extended healthcare providers to submit electronic reimbursement requests directly to Great-West Life from their point of service, reducing the need for paper claims.

“We are building new, environmentally friendly claims technology that will enable the delivery of enhanced customer service capabilities in terms of convenience and efficiency,” says Mike Schwartz, senior vice-president of group benefits with Great-West Life. “We are pleased to work with TELUS Health Solutions to bring this important new service to our group insurance customers and their employees.”

The initial release of the service is planned for the second half of 2010 and will focus on physiotherapists, chiropractors and vision care providers.

(02/05/10)