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Fidelity Investments has launched a new lineup of investment pools focused on high-net-worth clients. The new Fidelity Private Investment Program delivers institutional class management, focusing on risk management and capital preservation.

“As their level of income and assets rises, high-net-worth investors are looking for investment managers that can provide unique investment opportunities, tax-advantaged solutions, low costs and most importantly, consistent returns and performance over the long term,” said Darren Farkas, vice-president, product solutions.

He describes the pools’ investment mandates as a team-based approach, as opposed to being driven by a “star manager” aiming to hit home runs.

The program includes nine mandates, and the lineup is likely to expand in the future. Each pool requires a minimum investment of $150,000. The equity and balanced mandates will be run by Fidelity’s institutional management subsidiary, Pyramis Global Advisors. Fixed income and money market pools will be managed by Fidelity’s mutual fund managers.

The pools are housed in the company’s existing corporate class fund structure, allowing investors to make tax-efficient transfers between pools, or into Fidelity class funds.

Advisors can manage the allocation between pools themselves, or take advantage of the custom portfolio service, which allows them to create a personalized investment portfolio, featuring automatic rebalancing.

Trailer fees are negotiable, allowing fee-based and fee-only advisors to eliminate that layer of cost altogether. The suite of products also features enhanced reporting, preferred pricing and account linking.

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CFIB calls for no deficit

The Canadian Federation of Independent Business (CFIB) will call on the federal government to avoid a deficit, cut spending and avoid expensive bailout packages.

The president of the CFIB, Catherine Swift, will appear at a pre-budget consultation roundtable with federal Finance Minister Jim Flaherty on January 9. There she will also recommend an overhaul of Employment Insurance and long-term personal income tax cuts.

“For the good of this country, the federal government must keep its pre-election promises and move forward with a comprehensive plan to address the economy,” she says.

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Jovian renames Talisman Fund

Jovian Capital Corporation has announced the renaming of the Jov Talisman Fund as Horizons AlphaPro Managed S&P/TSX 60 ETF.

The Class A and F units of the fund have been converted into Class E units of the ETF. Class A units will be converted into 0.82057 Class E units, while each Class F unit will be exchanged for 0.88815 Class E units.

(01/08/09)