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(September 4, 2007) GrowthWorks Manitoba Ltd. has struck a deal to purchase ENSIS Management Inc. in a transaction that is expected to close in early November.

The ENSIS Growth Fund is a venture capital fund that provides Manitoba entrepreneurs with “patient” equity capital. The GrowthWorks transaction is expected to give ENSIS Growth national exposure and help increase fund sales.

“GrowthWorks is a proven manager in the retail venture capital industry, so we believe this change is the best course of action for the future growth of ENSIS Growth Fund,” said Bill Watchorn, president and CEO of ENSIS Management.

Under the deal, GrowthWorks president and CEO David Levi will become president, CEO and a director of ENSIS Growth Fund, while Watchorn will remain as a director.

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TD unveils global sustainability fund

(September 4, 2007) TD Asset Management has announced the launch of two new funds, including one with an environmental tilt. The TD Global Sustainability Fund will invest in companies with a track record of building their businesses using sustainable methods, as well as those focused on solving ecological problems.

“Many investors are looking for options to invest in companies that are making a positive contribution to the world’s future sustainability,” said Timothy Pinnington, president, TD Mutual Funds. “We’re pleased to launch a fund that offers exposure to the sustainable investing market.”

TD also unveiled the TD Canadian Core Plus Bond Fund, which invests primarily in Canadian investment-grade bonds but which may also invest in global fixed income investments across the credit risk spectrum.

At the same time, TD announced that the TD Diversified Monthly Income Fund, TD Dividend Growth Fund and TD Global Dividend Fund would now be available in H, T and S series units, which, using a tax-efficient structure, deliver a higher monthly distribution payment than other series of the same funds.

“We continually strive to add high-quality product choices to our fund lineup to meet the needs of our advisors and investors,” said Pinnington. “With the series extensions, we offer more choice of tax-efficient solutions that are a great way to obtain a consistent monthly cash flow for investors.”

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CRA updates interest rates

(September 4, 2007) The Canada Revenue Agency has announced the prescribed annual interest rates that will be applied to any amounts owed to the tax-man over the course of the fourth quarter.

Starting October 1, those owing income tax, or overdue contributions to the Canada Pension Plan or Employment Insurance, will face an interest rate of 9%.

For those who have overpaid their taxes, the feds will pay an interest rate of 7%. Taxable benefits for employees using corporate loans will be assigned a rate of 5% for taxation purposes.

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Manulife closes Berkshire deal

(September 4, 2007) Manulife Financial announced on Friday that it had received required regulatory approvals and has closed its purchase of Berkshire-TWC Financial Group Inc.

The deal, announced June 26, brings more than 700 advisors to Manulife, and 237 branches. Berkshire-TWC will be combined with Manulife Securities to create a sales force of over 1,500 advisors, with $19 billion in AUM.

“This transaction is a natural fit for Manulife and gives us tremendous momentum to serve Canadians with a broader range of wealth management products,” said Paul Rooney, president and CEO, Manulife Canada. “This increased distribution capacity will add significantly to our Canadian operations.”

(09/04/07)