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Northwest & Ethical Investments today announced a change to the portfolio management of its Ethical Canadian Dividend Fund.

Current co-manager QV Investors Inc. — which has managed the fund in conjunction with Highstreet Asset Management Inc. for the past two years — has been awarded full portfolio mandate, effective immediately.

Northwest & Ethical also terminated its Northwest Global Growth and Income Fund and Northwest Global Growth and Income Corporate Class. The funds will be closed to all new sales, in accordance with National Instrument 81-102, and investors will be provided a 60-day notice of the intent to terminate the Fund.

Failing instruction at the close of the 60-day period, units will be automatically transferred to the Northwest Money Market Fund. In the case of the corporate class version, they will be transferred to the Northwest Short Term Corporate Class.

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Scotia seen expanding in Caribbean, Latin America

Scotiabank plans to expand its business operations in Latin America and the Caribbean, according to a Bloomberg report. As a result of the ongoing financial crisis, some European financial companies are selling parts of their business and Scotia views this as one of the ways it can grow its international business.

With its rivals pulling out of the region, Canada’s third-largest lender is also attempting to rope in some high net worth clients.

According to Dan Wright, Scotia’s senior vice-president and head of international wealth management, some organizations may be assessing their businesses in these regions and deciding they’re not the mainstays of their future.

The bank’s international wealth business, which includes its private client group, has more than $20 billion in assets under management.

Scotia currently has 12 offices in the two regions, and is looking to open 13 more in countries including Costa Rica, and Panama. The bank also operates consumer lenders in countries such as Mexico, Peru, and Chile. On June 29th, the bank will also open a private client office in Miami — it’s first in the U.S.

In another development, Scotiabank also announced their private client group customers with Scotia Cassels accounts would be able to view their portfolios on-line through Scotia OnLine.

“Our clients have expressed interest in the ability to view their portfolio positions quickly and easily and we are excited to be able to offer them this service through Scotia OnLine,” said Tuula Jalasjaa, managing director and head, Investment Management Distribution, Scotia Private Client Group. “We believe giving clients the power to keep themselves informed on how their portfolio is performing will strengthen the relationship with their portfolio manager.”

Currently, Scotia Cassels mails quarterly statements to clients and provides monthly statements upon request. This system allows clients to get updates when they want them without the need to mail large paper-based statements.

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Fidelity to close private-equity unit

Boston-based firm, Fidelity Equity Partners, will shut down at the end of July due to lack of debt financing.

The two-year old unit, with $500 million in assets under management and 12 employees working out of two locations, will be closing because of current economic conditions. Anne Crowley, spokeswoman for the company, said impending closure will not affect the firm’s venture capital business, Fidelity Ventures.

“Debt financing is largely unavailable as a result of the economic conditions,” says Crowley. “This has made the leveraged-buyout market not as attractive.”

Fidelity Equity Partners invests Fidelity’s own money, without help from outside investors or Fidelity customers.

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SunGard, RBC Dexia launch integrated service

SunGard and RBC Dexia Investor Services, two of the world’s largest fund transfer agents, will collaborate to provide an automated fund trading and settlement solution for global markets in order to gain operational efficiency and reduce costs and errors.

The tie-up will help eliminate the need for customers to establish individual memberships with clearing entities and separate trading agreements, and will provide customers with revenue potential to help them increase intermediary revenues and offset transaction charges.

According to Bob Ward, chief operating officer of SunGard’s wealth management business, the pooled resources will allow streamlined connectivity and trading, straight-through processing and operational efficiencies that financial institutions need to effectively compete and grow their businesses.

The solution will also help SunGard customers connect to and trade with approximately 9,000 additional funds available in Europe on RBC Dexia’s platform through a single connection. RBC Dexia’s fund trading Web portal, which provides trading automation, custody and daily net settlement, will be integrated with SunGard Transaction Network’s (STN) Funds trade routing for funds in Europe and Asia.

STN Funds provides customers with access to global mutual funds, undertakings for collective investment in transferable securities (UCITS) and exchange traded funds, and facilitates straight-through processing between fund companies and a variety of bank, brokerage and retirement recordkeeping and accounting systems.

“RBC Dexia’s collaboration with SunGard will help customers develop new products and expand into new markets by providing global coverage and product breadth to meet increasingly complex needs of global investors,” said Rob Wright, RBC Dexia’s global head of product and client segments.

(06/22/09)