FAIR Canada applauds Saskatchewan’s OBSI bill
"Landmark" legislation is significant step forward in protecting investors, organization says
By James Langton |May 28, 2024
2 min read
News and resources for Canada's top financial advisors
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Seventy-two per cent of financial services executives were surprised at the severity of the economic downturn and most don’t expect a return to growth until the first six months of 2010, according to new research from Ernst & Young.
“The financial services industry has certainly been battered,” says Diane Sinhuber, Ernst & Young partner and financial services industry leader. “But when the recovery phase comes, these companies are likely to emerge stronger, healthier and more focused on risk management than ever before.”
The survey found that one-third of the 125 global financial services respondents expected some expansion this year, 34% thought the return would begin in the first six months of 2010, while 32% believe the growth would be further out.
The financial crisis has led many organizations to cut costs and change business model to secure the future of their business.
As a result of the crisis, 70% of institutions permanently changed their risk management strategy, 68% implemented permanent differences to their regulatory framework and 54% changed their operating model.
According to the Conference Board of Canada outlook, recovery expectations are a little more conservative.
“The current recession is so widespread that its effects are expected to linger for longer than the typical business cycle,” said Pedro Antunes, director of the national and provincial forecast. “Although the U.S. economy is forecast to return to growth in the second half of this year, battered American consumers will be saving more of their incomes in the foreseeable future. As a result, the global recovery will be soft, and Canada is not expected to achieve economic growth significantly above its potential until at least 2011.”
Real GDP in 2009 is expected to fall by 1.9% and, in 2010, it is expected to grow by 2.7% — still much weaker that typical post-recession growth. The main contributors to the 2010 rebound will be strong growth in public infrastructure spending and recovery in both resource prices and exports.
• • •
Mackenzie changes to its Quadrus Fund lineup
Mackenzie Financial Corp. today announced changes to its Quadrus Corporate Class Funds listed below:
Quadrus Canadian Equity Corporate Class: Mackenzie Maxxum Canadian Equity Growth Fund and Mackenzie Universal Canadian Resource Fund are being added to this Quadrus Fund.
Quadrus North American Specialty Corporate Class: Mackenzie Saxon Small Cap Fund and Fidelity NorthStar Fund are being added to this Quadrus Fund.
Quadrus North American Specialty Corporate Class: Mackenzie Saxon Small Cap Fund and Fidelity NorthStar Fund are being added to this Quadrus Fund.
Quadrus US & International Equity Corporate Class: AIM Global Growth Class is being added to this Quadrus Fund.
Regarding Quadrus US & International Specialty Corporate Class, allocations are being made to the following funds: Mackenzie Universal World Resource Class, Mackenzie Universal World Real Estate Class, Mackenzie Universal World Science & Technology Class, Mackenzie Universal Health Sciences Class and Mackenzie Universal Global Infrastructure Fund.
• • •
Sceptre announces passing of CEO
Sceptre Investment Counsel Limited announced today the sudden passing of its CEO, Glenn Inamoto.
“We are shocked and saddened at the sudden loss of our great friend and colleague,” said David Morris, the company’s CFO.
The company expects to make a further announcement in due course regarding interim arrangements for the office of CEO.
• • •
IIAC names judges for Scholarship Award
The Investment Industry Association of Canada (IIAC) is pleased to announce that six distinguished business leaders with experience in the financial markets have accepted our invitation to judge the candidates for the inaugural IIAC Industry Scholarship Award.
The judging panel includes:
- The Honourable David L. Emerson, executive chair, British Columbia Transmission Corporation
- Douglas G. Hall, chair, Nova Scotia Business Inc.
- The Honourable Tom Hockin, chair, Expert Panel on Securities Regulation
- Harold MacKay, former managing partner and chairman, MacPherson Leslie & Tyerman LLP
- Jean Martel, partner, Lavery
- Joseph J. Oliver, past president and CEO, Investment Dealers Association of Canada
The scholarship will be awarded to an employee of an IIAC member firm who demonstrates professional excellence, serves the community and contributes to the betterment of the investment industry and the capital markets. The winner will receive funding to attend SIFMA’s Securities Industry Institute (SII), a leadership and management education program which examines the current thinking in economics, finance, management, marketing, professional development and operations.
“This IIAC Award recognizes outstanding contributions by professionals in the financial industry and honours those individuals that take an active role in their community, the securities industry and the capital markets”, said Ian Russell, IIAC president and CEO
(07/13/09)
Previous Brieflies this week: | MON | TUE | WED | THU |
Seventy-two per cent of financial services executives were surprised at the severity of the economic downturn and most don’t expect a return to growth until the first six months of 2010, according to new research from Ernst & Young.
“The financial services industry has certainly been battered,” says Diane Sinhuber, Ernst & Young partner and financial services industry leader. “But when the recovery phase comes, these companies are likely to emerge stronger, healthier and more focused on risk management than ever before.”
The survey found that one-third of the 125 global financial services respondents expected some expansion this year, 34% thought the return would begin in the first six months of 2010, while 32% believe the growth would be further out.
The financial crisis has led many organizations to cut costs and change business model to secure the future of their business.
As a result of the crisis, 70% of institutions permanently changed their risk management strategy, 68% implemented permanent differences to their regulatory framework and 54% changed their operating model.
According to the Conference Board of Canada outlook, recovery expectations are a little more conservative.
“The current recession is so widespread that its effects are expected to linger for longer than the typical business cycle,” said Pedro Antunes, director of the national and provincial forecast. “Although the U.S. economy is forecast to return to growth in the second half of this year, battered American consumers will be saving more of their incomes in the foreseeable future. As a result, the global recovery will be soft, and Canada is not expected to achieve economic growth significantly above its potential until at least 2011.”
Real GDP in 2009 is expected to fall by 1.9% and, in 2010, it is expected to grow by 2.7% — still much weaker that typical post-recession growth. The main contributors to the 2010 rebound will be strong growth in public infrastructure spending and recovery in both resource prices and exports.
• • •
Mackenzie changes to its Quadrus Fund lineup
Mackenzie Financial Corp. today announced changes to its Quadrus Corporate Class Funds listed below:
Quadrus Canadian Equity Corporate Class: Mackenzie Maxxum Canadian Equity Growth Fund and Mackenzie Universal Canadian Resource Fund are being added to this Quadrus Fund.
Quadrus North American Specialty Corporate Class: Mackenzie Saxon Small Cap Fund and Fidelity NorthStar Fund are being added to this Quadrus Fund.
Quadrus North American Specialty Corporate Class: Mackenzie Saxon Small Cap Fund and Fidelity NorthStar Fund are being added to this Quadrus Fund.
Quadrus US & International Equity Corporate Class: AIM Global Growth Class is being added to this Quadrus Fund.
Regarding Quadrus US & International Specialty Corporate Class, allocations are being made to the following funds: Mackenzie Universal World Resource Class, Mackenzie Universal World Real Estate Class, Mackenzie Universal World Science & Technology Class, Mackenzie Universal Health Sciences Class and Mackenzie Universal Global Infrastructure Fund.
• • •
Sceptre announces passing of CEO
Sceptre Investment Counsel Limited announced today the sudden passing of its CEO, Glenn Inamoto.
“We are shocked and saddened at the sudden loss of our great friend and colleague,” said David Morris, the company’s CFO.
The company expects to make a further announcement in due course regarding interim arrangements for the office of CEO.
• • •
IIAC names judges for Scholarship Award
The Investment Industry Association of Canada (IIAC) is pleased to announce that six distinguished business leaders with experience in the financial markets have accepted our invitation to judge the candidates for the inaugural IIAC Industry Scholarship Award.
The judging panel includes:
- The Honourable David L. Emerson, executive chair, British Columbia Transmission Corporation
- Douglas G. Hall, chair, Nova Scotia Business Inc.
- The Honourable Tom Hockin, chair, Expert Panel on Securities Regulation
- Harold MacKay, former managing partner and chairman, MacPherson Leslie & Tyerman LLP
- Jean Martel, partner, Lavery
- Joseph J. Oliver, past president and CEO, Investment Dealers Association of Canada
The scholarship will be awarded to an employee of an IIAC member firm who demonstrates professional excellence, serves the community and contributes to the betterment of the investment industry and the capital markets. The winner will receive funding to attend SIFMA’s Securities Industry Institute (SII), a leadership and management education program which examines the current thinking in economics, finance, management, marketing, professional development and operations.
“This IIAC Award recognizes outstanding contributions by professionals in the financial industry and honours those individuals that take an active role in their community, the securities industry and the capital markets”, said Ian Russell, IIAC president and CEO
(07/13/09)
