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BMO Capital Markets has announced Ken Tuchman and Chick Adair as the two new vice-chairs of investment and corporate banking, respectively.

Adair has worked with BMO for almost 25 years, most recently serving as an executive in the M&A Group. He was one of the founders of BMO’s food and consumer group as well as BMO’s food and agribusiness M&A practice.

Tuchman has 30 years of experience on Wall Street as an investment banker. He has worked with over US$ 200 billion in investments throughout his career. He most recently served as vice-chairman of Bank of America-Merrill Lynch.

“The appointments of Ken and Chuck, in addition to the 50 other senior partners who have joined BMO Capital Markets in the U.S. over the last year, signify our determination to put our clients first and to capitalize on market opportunities,” said Bill Butt, global head of investment and corporate banking for BMO Capital Markets.

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Equitable Life offers simple interest option

Any client holding an Equitable Life Guaranteed Interest Account (GIA) contract created on or after Monday, April 12, 2010 will now be able to take advantage of the new simple interest payment option.

The option allows GIA holders to collect simple interest payout either monthly or annually, depending on their preference.

“Equitable Life understands that each client has their own unique investment objective &$151; from those saving for retirement, to those living out their retirement dreams,” said Michael Dawe, senior vice-president, individual for Equitable Life. “Whatever the case may be, the new simple interest payout option offers the flexibility to assist all Canadians in achieving their financial goals.”

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M&A activity plummeted in Q1

The total value of Canadian mergers and acquisitions dropped 60% in the first quarter, from US$24.6 billion in 2009 to US$9.9 billion in the first quarter of 2010, according to Mergermarket’s Canadian M&A Round-Up.

Overall deal volume increased 40% from 65 deals in the first quarter of 2009 to 91 deals announced in the first quarter of 2010.

The energy sector announced 21 deals with a total value of US$2.7 billion, down 88.5% from the same quarter last year.

Three quarters of all inbound activity was from U.S. companies acquiring Canadian targets, while Canadian acquirers generated 73% of outbound activity by value.

Canadian companies should expect continued interest from foreign investors looking for valued assets as the Canadian dollar continues to gain against American currency.

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(04/13/10)