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Sixty-three percent of executives plan to work longer than they had initially planned, according to a global survey by Korn/Ferry Institute. Only 25% of respondents had not changed their retirement expectations in the face of the recession.

The survey found that a majority of executives (52%) plan to retire at age 64 or older, an 8% increase over results from a 2004 survey.

Overall the respondents were split on whether to blame the economic downturn for the amendments to their retirement plans, with 48% saying “yes.”

With regards to their company’s retirement benefits, 53% of executives said that their plans are not adequate and a surprising 8% were unaware of what their program provided.

Although the majority of baby-boomer executives indicated that they plan to delay retirement, there is a growing concern that critical knowledge will be lost when they retire. Forty-eight percent of respondents said their companies are either very concerned or somewhat concerned about losing the extensive knowledge that boomer employees have accumulated. This is up 7% from 2004.

“Implementing programs to facilitate a seamless information exchange from one generation of executives to the other continues to be a critical issue impacting corporations worldwide,” says Joe Griesedieck, vice-chair and managing director, with Korn/Ferry.

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PriceMetrix launches commission tool

Toronto-based PriceMetrix has announced the release of CommissionCheck, a tool that provides retail advisors and brokers/dealers with real time market comparables to help ensure their commissions on trades are properly priced.

Users can check how their proposed commission on an equity trade compares to the commission on similar trades at their firm, and across the industry.

“With a simple modification to the order entry application, we can give advisors the pricing confidence to charge appropriately for the value of their advice,” says Doug Trott, PriceMetrix president and CEO.

Ultimately, CommissionCheck will help users to determine the acceptability of the commission charged — whether there is an opportunity to raise their price or to lower it.

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Sun Life CEO sees growth opportunities

Sun Life Financial CEO, Donald Stewart, sounded an optimistic note at the company’s annual meeting in Toronto on May 21, telling the audience of shareholders and policyholders that his company is equipped and ready to provide the products that will generate new business during this challenging economy.

“We are at the forefront of powerful demographic, social and regulatory trends shaping the world’s future,” he said. “These trends are driving demand for the financial products that we create and sell and they represent a tremendous growth opportunity for Sun Life going forward.”

He added that Sun Life will continue to create products that will provide the guarantees that people desire and that will build confidence in the company.

The company also announced the appointment of Senator Hugh Segal to the board of directors.

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Manulife appoints new CIO

Warren A. Thomson has been named chief investment officer (CIO) of Manulife Financial. In this role, he will oversee the worldwide investment operations managed on behalf of the company’s general fund and external clients, with total assets in excess of $286 billion.

Thomson, a 54-year-old chartered accountant, worked at Manulife from 1987 until 1994 in the corporate tax department and then returned to the company in 2001 to work in the investment division as senior vice-president.

Thomson succeeds Donald. A. Guloien as CIO — Guloien became president and CEO of Manulife on May 7, 2009.

Thomson was also named to succeed Guloien as chair of MFC Global Investment Management, the company’s external client asset management business.

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BetaPro files prospectus for six funds

Jovian Capital Corporation and its subsidiary BetaPro Management have filed preliminary prospectuses for six commodity-based Horizons BetaPro ETFs, including four single-beta ETFs.

The two new double-beta ETFs include Horizons BetaPro COMEX Silver Bull Plus EFT and Horizons BetaPro COMEX Silver Bear Plus ETF. These two funds are designed to provide investment results net of any transaction costs and distributions that correspond to two times the daily or two times the inverse, respectively, of the COMEX silver futures contract for the next delivery month.

The remaining new Horizons BetaPro ETFs filed are:

• Horizons BetaPro COMEX Silver ETF • Horizons BetaPro COMEX Gold ETF • Horizons BetaPro NYMEX Crude Oil ETF • Horizons BetaPro NYMEX Natural Gas ETF

Each of these single-beta ETFs are designed to provide daily investment results that correspond to 100% of the daily performance of its specified underlying index.

Both double and single EFTs are denominated in Canadian currency, with exposure to the U.S. dollar hedged.

(05/21/09)