Briefly:

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AlphaPro Management has announced the launch of the Horizons AlphaPro S&P/TSX 60 130/30 ETF, which is designed to track the performance of the S&P/TSX 60 130/30 Strategy Index.

The 130/30 strategy uses over- and under-weight positions relative to the S&P/TSX 60. On each quarterly rebalancing day, the underlying index will include a core 100% long position in the S&P/TSX 60, and assign a three percentage point overweight to each of the 10 strongest issues. At the same time, the strategy underweights 10 stocks expected to underperform, each by three percentage points.

“We are pleased to make S&P Indices’ innovative and strategic approach to indexing available to investors,” said Ken McCord, president of AlphaPro. “This is the first long/short S&P managed index ETF offered in Canada and represents the latest evolution from Horizons AlphaPro.”

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Highwater hires analyst from TD

Highwater Capital Management has hired Mohsin Bashir as research analyst. Bashir comes to Highwater from TD Securities, where he was senior analyst covering preferred shares, convertible debentures, fixed income and structured products.

Prior to his stint at TD, Bashir held positions at Sentry Select Capital and RBC Royal Bank.

Highwater Capital Management is an asset management firm focused on absolute returns, employing fundamental, value biased securities selection.

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Castor Asset Management names new president, CEO

Castor Asset Management has appointed Harold (Hal) Kent as president and CEO of the company, effective immediately.

In this role, he will oversee the expansion of the business with focus on product development, portfolio management capabilities and international distribution.

Kent most recently served as chief financial officer, chief operating officer and portfolio manager with Donville Kent Asset Management, a firm he co-founded in 2007.

Castor Asset Management is a Toronto-based investment funds manager and exempt market dealer, providing international and domestic investors with access to proprietary investment management techniques.

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Laurentian extends hours for RRSP season

The banks are pulling out the stops in an effort to capture more of the RRSP market. Laurentian Bank has announced it will keep its branches open until 8 p.m., from February 11 to March 1.

Laurentian branches will also be open for business on the final three Saturdays in February, from 9 a.m. to 1 p.m. The bank points out that RRSP contributions may also be made by telephone Monday through Friday from 8:00 a.m. to 8:00 p.m., or online.

(02/09/10)