Briefly:

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WaterStreet Family Wealth Council has been named “Best Family Office Services” in Canada by Euromoney magazine.

The prestigious Private Banking Awards cover more than 60 global regions and are voted for by those in the financial services industry.

According to Euromoney, WaterStreet’s top ranking for the award indicates the excellence with which it serves families of significant affluence, and reflects well-earned recognition by other financial services firms in Canada and around the world. WaterStreet also ranked among the top firms in Canada in several other categories, including inheritance and succession planning.

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B2B Trust inks deal with Guardian and BMO

B2B Trust has signed agreements with Guardian Group of Funds Ltd. and BMO Investments Inc. for the distribution of investment and RRSP loans.

B2B Trust will provide its investment and RRSP loan programs to the Guardian Group of Funds Ltd. and BMO Investments Inc. for distribution through licensed financial advisors.

“We are excited about the potential our new partnership with B2B Trust will bring and feel their offerings effectively address what we see as a continuing healthy demand for lending products,” says Ross Kappele, president of Guardian Group of Funds Ltd.

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Excel Funds changes portfolio manager

Excel Funds Management Inc., or an affiliate thereof, will replace Toron Capital Markets Inc. as portfolio manager of the following investment funds:

• Excel India Fund; • Excel Chindia Fund; • Excel Latin America Fund; • Excel Money Market Fund; and • Excel India Trust.

The portfolio management changes are expected to take effect in July.

Paul Mesburis of Excel Funds will act as lead portfolio manager for these funds. He will be responsible for the day-to-day management of their investment portfolios, implementing investment strategies and researching investment opportunities.

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StatsCan: GDP down 2.4% since October

According to Statistics Canada, real gross domestic product (GDP) deceased in February by 0.1% and economic activity has declined by 2.4% since October 2008.

Although there was a 19% rise in motor vehicle and associated parts manufacturing in February, it wasn’t enough to outweigh declines in construction and mining activities (excluding oil and gas).

The construction industry saw a 2.1% drop in February, its fourth consecutive decline. Residential building construction fell by 5.7%; non-residential construction fell 0.6%. In the mining sector (excluding oil and gas extraction), there was a 6.4% drop. Wholesaling industries also saw a decline (0.2%) in February.

However, the energy, finance and insurance sectors remained unchanged and an increase in overnight visitors to Canada contributed to a rise in accommodation and food services.

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Canada to announce new accounting rule compromise

According to a report in The Globe and Mail, Canada’s Accounting Standards Board will announce a “compromise” decision on mark-to-market rules.

The rule, which has been contentious, will give banks and other companies new flexibility to avoid taking hits on certain assets. Canada’s Accounting Standards Board reached its conclusion during a special full-day meeting on April 29. The decision comes weeks after the U.S. standard-setters eased rules.

(04/30/09)