Briefly:

Claymore Investments has announced that its Premium Money Market ETF has shifted to a T+1 settlement regime, putting the product on an equal footing with money market securities and mutual funds.

“We have worked hard with the Toronto Stock Exchange to be able to provide this feature,” said Som Seif, president and CEO, Claymore Investments. “T+1 settlement makes [this ETF] a stronger cash alternative trading vehicle, and being able to be the first to provide this on any stock on the TSX is a great accomplishment.”

Investors will now have access to the cash proceeds of sales on a T+1 basis as opposed to a T+3 basis. All other Claymore ETFs will remain on a T+3 settlement schedule.

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Coast Capital Savings hires SEI

Coast Capital Savings has hired on global investment management firm SEI to provide investment management services for its new investment offering.

“Outsourcing investment management to SEI allows us to focus on expanding our strong and well-established brand,” said Lloyd Craig, CEO, Coast Capital Savings. “Until now we have only been able to offer traditional third-party mutual funds. We are now able to offer our clients more choices and access to an industry leader like SEI.”

SEI will be responsible for the investment management of the new program, which includes 6 asset allocation mutual funds.

Coast Capital Savings is Canada’s second largest credit union. SEI specializes in providing investment solutions that include asset allocation research and a manager-of-managers implementation.

(04/14/09)

Staff

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