Briefly:

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According to Mercer’s 2008 Global Manager Search Trends report, global search activity for investment managers slowed down in 2008.

During 2008, Mercer advised on 676 manager searches across the world, representing $93 billion in assets placed.

The most notable decreases in search activity were seen in the U.K., continental Europe and Australia, where funds focused on strategy issues rather than manager changes and structures.

However, the report does show a slight increase in Canadian equity manager searches, from 32 to 38, in 2008.

A larger increase in search activities occurred in amounts placed in non-domestic equity mandates, jumping from $1.8 billion to $2.7 billion in 2008.

On the alternatives side, activity increased, with the most popular strategy being infrastructure, where a doubling of search activity was observed in 2008.

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Horizons AlphaPro files bond fund prospectus

AlphaPro Management has filed a preliminary prospectus for the offering of the AlphaPro Fiera Tactical Bond Fund.

The fund’s mandate is to provide investors with a stable stream of tax-efficient monthly distributions and the opportunity for capital appreciation through exposure to the proprietary tactical asset allocation strategies of Fiera Capital, one of the largest independent money managers in Canada.

The investment strategy of the fund will be based upon the principle that proper asset allocation has greater effect than security selection.

It is anticipated that the actively managed fund’s portfolio will consist primarily of exchange-traded funds, including inverse ETFs, which provide exposure to global fixed income markets, including government treasury securities, corporate bonds and high-yield debt securities.

The fund is expected to convert into an actively managed ETF automatically after June 30, 2010, and no later than Dec. 31, 2010.

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Ernst & Young issues tax guide on stimulus

Ernst & Young has developed a guide to help businesses understand the implications of acting on government stimulus programs. The guide explores the tax consequences of the package in 24 jurisdictions.

“The stimulus approach varies from country to country, which means companies must understand how both domestic and international measures are going to affect their opportunities, their competitors’ opportunities and their bottom lines,” says Trent Henry, tax partner with Ernst & Young.

The guide contains five key questions businesses should consider in view of the stimulus program:

1. Are we choosing stimulus programs that match our overall business objectives?

2. How are global stimulus efforts likely to affect our competitors? Our customers? Our suppliers?

3. Are we managing our cash effectively based on operating requirements? Capitalizing on acquisition opportunities? Being safe from opportunistic overtures by other market participants?

4. Are we improving our relationships and communications with the authorities?

5. Are we getting involved in, and shaping, the tax policy development process?

(05/08/09)