Briefly:

Previous Brieflies this week: | MON | TUE | WED | THU |

(September 20, 2007) The Canadian dollar briefly hit parity with its U.S. counterpart at 10:58:53 this morning, setting a new high-water mark not seen since 1976. The loonie even edged above the greenback for a few seconds, to $1.0002 U.S.

The fresh weakness in the U.S. dollar came on word that the central bank of Saudi Arabia would break with tradition and not adjust rates in lockstep with the U.S. Federal Reserve. This move has sparked rumours that the kingdom is considering selling oil in some other denomination, most likely the euro.

If Saudi Arabia stops pricing oil in U.S. dollars, there could be a rush among other Gulf states to unload their U.S.-denominated reserves. The price of oil moved higher as well, with West Texas Intermediate futures topping $83 US on the New York Mercantile Exchange.

• • •

Hub buys Totten, consolidates services

(September 20, 2007) Hub International has announced the purchase of Totten Insurance Group, an Ontario-based specialist insurance wholesaler that “develops niche products for unusual lines of business,” according to a press release from Hub.

Totten will be merged with Hub International Ontario Limited (Hub Ontario), the Wholesale Insurance Group and Cross Border Underwriting Services Inc., with the combined entity continuing under the Totten brand.

“Aligning ourselves with Hub gives us the financial base to explore more opportunities in the wholesale intermediary field,” said H. Ross Totten, president and CEO of Totten. “Hub International’s resources coupled with our independence as a separate hub allow us to offer our brokers and markets a broader range of niche products going forward as a combined operation.”

The deal is expected to close during the third quarter of this year, subject to regulatory approval.

• • •

Russell names new U.S. equity manager

(September 20, 2007) Russell Investments Canada has appointed a new investment advisor to its Sovereign US Equity Pool and the Russell US Equity Fund.

Based in New York City, Arnhold and S. Bleichroeder Advisers (ASB) will manage 8% of the pool’s assets and 7% of the fund’s assets.

With this appointment, ASB replaces Jacobs Levy Equity Management and Systematic Financial Management on the Sovereign US Equity Pool.

• • •

LaValley to coach Scotia advisors

(September 20, 2007) ScotiaMcLeod and Scotia Private Client Group have teamed up with life-planning expert Barry LaValley, who will cross the country speaking to Scotia advisors.

“We have seen a very strong response from our advisors choosing to participate in Barry’s seminars,” said Bruce Teron, managing director and head of strategy development and retirement programs, Scotiabank. “We are now able to examine the full scope of our clients’ needs as they consider what life in retirement will look like from both a personal and financial perspective.”

“Along with the seminars, ScotiaMcLeod and Scotia Private Client Group have developed several tools to help clients generate a clearer vision of their future retirement as part of a couple or as an individual,” added LaValley. “These clients then bring that perspective to the financial planning process. Sustainable, practical plans are the result.”

(09/20/07)