Briefly:

SEI has announced the launch of two new Canadian-focused asset allocation funds — the Canadian Focused Balanced and Canadian Focused Growth Funds. The funds invest in Canadian equities and fixed income, while limiting foreign investment.

“The new Canadian-focused asset allocation funds demonstrate SEI’s commitment to meeting the needs of Canadian investors,” says Janesse McPhillips, managing director of SEI Private Banking.

SEI Canadian Focused Balanced Fund has packaged a mix of approximately 50% fixed income and 50% equity securities, while limiting foreign investments to approximately 10%.

SEI Canadian Focused Growth Fund, on the other hand, is a mix of approximately 20% fixed income and 80% equity investments, with a limit of approximately 20% on foreign investments. The Growth fund provides currency hedging through investments in SEI’s U.S. Large Company Equity Fund and U.S. Small Company Equity Fund, while the balanced fund will invest in only the U.S. Large Company Fund.

SEI is offering a currency-hedged share class in select asset class funds for the investors who prefer to utilize currency hedging (U.S. dollar) without investing in the Canadian Focused Funds. This option allows advisors the flexibility to tailor asset allocation to meet specific client needs.

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MFDA reaches settlement with Alan Roy Kruss

A settlement agreement has been reached between the MFDA and Alan Roy Kruss, a mutual fund salesperson found to have sold a prohibited investment product.

As part of the agreement Kruss paid a fine of $10,000, with a month-long suspension from acting as a mutual fund salesperson, and will have to pay $50,000 to the affected client, identified as KS. The agreement also requires a successful completion of the IFSE (IFIC) Mutual Fund Dealer Compliance course.

Kruss admitted that between 2004 and 2006, while an approved person at two consecutive member firms, he engaged in securities related business, referring or facilitating the sale of $50,000 of an investment product to a client on two separate occasions, when that investment product had not been approved for sale by his firm, contrary to MFDA Rule 1.1.1.

(03/25/10)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.