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RBC has launched myFinanceTracker, which the bank says is Canada’s first online financial management tool integrated into an online banking system. The tool categorizes customer transactions, tracks expenses and provides advanced budgeting capabilities for all personal banking and credit card accounts.

The tool is available to all personal RBC online banking customers at no additional charge and will enable them to create a set budget and track their spending habits. If users exceed their personally defined limit, an alert will notify them. Users can also establish an account balance target for one or more accounts and an alert will be triggered when the balance of an account drops below the set parameters.

“Canadians of all ages and income levels are telling us they have a desire to better understand their financial situation,” said James McGuire, vice president, digital strategy and experience at RBC. “This online tool can help clients track and manage where they are spending money, an essential first step in reaching any financial goal.”

The tool allows customers to categorize their spending — for example, dining out, or groceries — and then define their budget, setting a maximum spending limit on each category and sub-category for a defined period. For example, users can set a $200 limit on dining out.

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Creststreet names new SVP, sales and marketing

Creststreet has announced the appointment of Kevin Wood as senior vice president, sales and marketing. Wood joins Creststreet from his position as vice president at Northwest & Ethical Investments.

Creststreet recently announced plans to expand beyond its core strength in the energy sector, broadening its scope into all commodities. The strategy includes offering a more conservative income-focused investment fund, which should broaden its investor base.

“Attracting a proven sales and marketing executive of Kevin’s caliber is a perfect complement to our plans to expand our investment focus,” said Robert J. Toole, president and CEO of Creststreet. “With the recent addition of two award winning portfolio managers, we are all excited by recent changes at Creststreet and the new opportunities these changes create for our clients. I am pleased to welcome Kevin as a partner in the firm.”

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Jov Prosperity Funds new sub-advisor

JovFunds Management and T.E. Investment Counsel Inc. (TEIC) has announced that JovInvestment Management Inc., an affiliate of JovFunds and TEIC, will become the asset manager for four Jov Prosperity mandates, effective on the close of business August 31, 2010.

This announcement affects the Jov Prosperity Canadian Fixed Income Fund, Jov Prosperity Canadian Equity Fund, Jov Prosperity U.S. Equity Fund and Jov Prosperity International Equity Fund.

TEIC will continue to serve as portfolio advisor responsible for coordinating portfolio management and sub-advisory services for the funds.

JovFunds and TEIC have also announced that Epoch Investment Partners will replace Sanford C. Bernstein & Co. as sub-advisor for a portion of the Jov Prosperity U.S. Equity Fund. McLean Budden Limited remains as a sub-advisor to the Jov Prosperity U.S. Equity Fund.

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Sentry Select suspends money market purchases

Sentry Select Capital has temporarily suspended new purchases in all series of Sentry Money Market Fund and Sentry Money Market Class, effective May 28, 2010. The suspension will be lifted on or about June 7, 2010.

All other transactions in all series of the two funds will be permitted during the suspension period including, but not limited to, redemptions, switches, systematic withdrawal plans and existing pre-authorized chequing plans.

The suspension was put in place to all the funds’ transfer agent to complete re-designations of the funds’ series, as announced May 7.

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Highwater hires former Mavrix VP

Highwater Capital Management has announced the hiring of Matt Manara as regional sales manager. Manara has held positions of increasing responsibility at Mavrix and CIBC Wood Gundy.

(05/31/10)