News and resources for Canada's top financial advisors
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Horizons BetaPro receives unitholder approval
Unitholders of the Horizons BetaPro DJ-AIG(SM) Agricultural Grains Bull Plus ETF, Horizons BetaPro DJ-AIG(SM) Agricultural Grains Bear Plus ETF, Horizons BetaPro S&P/TSX Global Mining(TM) Bull Plus ETF, and Horizons BetaPro S&P/TSX Global Mining(TM) Bear Plus ETF (the “Agricultural and Mining ETFs”) gave their approval to changing the underlying index of each agricultural and mining ETF, effective August 24, 2009.
Subject to regulatory approval, the investment objectives of the HBP Agricutural ETFs will be amended so that the Dow Jones-UBS Grains Subindex is replaced with the S&P Agribusiness North America Index. The names of the Agricultural ETFs will change to reflect the new underlying index and will continue to trade under the TSX tickers HAU and HAD, respectively.
Also pending regulatory approval, the investment objective of the Mining ETFs will be amended so that the S&P/TSX Global Mining Index is replaced with the S&P/TSX Global Base Metals Index.The names of the Mining ETFs will then be changed to reflect the new underlying index and will continue to trade under the TSX tickers HMU and HMD, respectively.
(07/24/09)
• • •
Horizons BetaPro receives unitholder approval
Unitholders of the Horizons BetaPro DJ-AIG(SM) Agricultural Grains Bull Plus ETF, Horizons BetaPro DJ-AIG(SM) Agricultural Grains Bear Plus ETF, Horizons BetaPro S&P/TSX Global Mining(TM) Bull Plus ETF, and Horizons BetaPro S&P/TSX Global Mining(TM) Bear Plus ETF (the “Agricultural and Mining ETFs”) gave their approval to changing the underlying index of each agricultural and mining ETF, effective August 24, 2009.
Subject to regulatory approval, the investment objectives of the HBP Agricutural ETFs will be amended so that the Dow Jones-UBS Grains Subindex is replaced with the S&P Agribusiness North America Index. The names of the Agricultural ETFs will change to reflect the new underlying index and will continue to trade under the TSX tickers HAU and HAD, respectively.
Also pending regulatory approval, the investment objective of the Mining ETFs will be amended so that the S&P/TSX Global Mining Index is replaced with the S&P/TSX Global Base Metals Index.The names of the Mining ETFs will then be changed to reflect the new underlying index and will continue to trade under the TSX tickers HMU and HMD, respectively.
(07/24/09)
National Bank Financial and Scotia Capital are among the bank-owned investment dealers being investigated by four of the nation’s financial regulators.
Securities commissions in Ontario, British Columbia, Quebec and the Investment Industry Regulatory Agency of Canada (IIROC) are engaged in settlement discussions with a number of brokerages about their involvement in creating a market for ABCP despite learning about the liquidity crisis set to unfold with the elaborately structured financial instruments.
Central to the probe is a memo, dated July 24, 2007, by Judi Dalton, managing director of debt capital markets funding, warning a small group of investors of Coventree’s exposure to U.S. subprime mortgages, and sent just weeks before the ABCP market was seized.
The memo was sent to representatives of a number investment dealers, including Scotia Capital, National Bank Financial and RBC Capital. Regulators claim the memo served as an early warning sign, and have been examining the bank’s inventory of these shaky commercial papers before and after receiving the memo.
However, a large portion of the millions of dollars expected from the settlements and administrative hearings isn’t expected to compensate investors.
Since the ABCP crisis, some investors have been reimbursed through a Pan-Canadian agreement — a privately negotiated restructuring that involves federal and provincial government money.
Settlement talks between the regulators and banks are ongoing. If a settlement isn’t reached by the end of the summer, a hearing before a panel of adjudicators could be scheduled for the fall.
Meanwhile, Coventree, a key player in the ABCP market, is shutting down its operation.
• • •
Caisse recruits leading asset manager
Roland Lescure will don the mantle of executive vice-president and chief investment officer of Caisse de dépôt et placement du Québec, starting fall.
His appointment is part of Caisse’s effort to refocus on core operations, manage risk more effectively and generate sustained returns over the long term.
“Caisse is proud to welcome Roland Lescure to its senior management team. He’s recognized in Europe as one of the best asset managers of his generation,” said Michael Sabia, president and EO of the Caisse de dépôt et placement du Québec. “His excellent track record shows he has the vision and leadership to direct our investment strategy and guide our teams through challenging economic times.”
Lescure will be responsible for setting Caisse’s investment strategy and asset allocation for overall portfolio, as well as shaping the research underpinning its investment activities. He will also oversee investments in liquid markets (equities, fixed income, currencies and commodities) and play a key advisory role for private equity and real estate.
Lescure is currently chief investment officer at Groupama Asset Management, one of the largest asset management firms in France.
• • •
Citadel seeks unitholder approval
The Citadel Group of Funds is proposing to merge eight Citadel funds and the Crown Hill Fund to create a single fund — Citadel Income Fund — to enhance liquidity and reduce operating costs.
The Citadel Income Fund will invest in a variety of income-producing securities, including income trusts, common shares and debt securities. Jarislowsky, Fraser Limited is the new fund’s designated investment manager. Monthly distributions are expected to continue at current level.
Unitholders will vote on the proposed reorganization at a special meeting in September, and will have the option of redeeming their units for an amount based on the net asset value per unit of the applicable fund, adjusted for charges and costs based on what would be payable if the applicable fund were terminated.
Funds to be merged include:
• • •
Horizons BetaPro receives unitholder approval
Unitholders of the Horizons BetaPro DJ-AIG(SM) Agricultural Grains Bull Plus ETF, Horizons BetaPro DJ-AIG(SM) Agricultural Grains Bear Plus ETF, Horizons BetaPro S&P/TSX Global Mining(TM) Bull Plus ETF, and Horizons BetaPro S&P/TSX Global Mining(TM) Bear Plus ETF (the “Agricultural and Mining ETFs”) gave their approval to changing the underlying index of each agricultural and mining ETF, effective August 24, 2009.
Subject to regulatory approval, the investment objectives of the HBP Agricutural ETFs will be amended so that the Dow Jones-UBS Grains Subindex is replaced with the S&P Agribusiness North America Index. The names of the Agricultural ETFs will change to reflect the new underlying index and will continue to trade under the TSX tickers HAU and HAD, respectively.
Also pending regulatory approval, the investment objective of the Mining ETFs will be amended so that the S&P/TSX Global Mining Index is replaced with the S&P/TSX Global Base Metals Index.The names of the Mining ETFs will then be changed to reflect the new underlying index and will continue to trade under the TSX tickers HMU and HMD, respectively.
(07/24/09)
National Bank Financial and Scotia Capital are among the bank-owned investment dealers being investigated by four of the nation’s financial regulators.
Securities commissions in Ontario, British Columbia, Quebec and the Investment Industry Regulatory Agency of Canada (IIROC) are engaged in settlement discussions with a number of brokerages about their involvement in creating a market for ABCP despite learning about the liquidity crisis set to unfold with the elaborately structured financial instruments.
Central to the probe is a memo, dated July 24, 2007, by Judi Dalton, managing director of debt capital markets funding, warning a small group of investors of Coventree’s exposure to U.S. subprime mortgages, and sent just weeks before the ABCP market was seized.
The memo was sent to representatives of a number investment dealers, including Scotia Capital, National Bank Financial and RBC Capital. Regulators claim the memo served as an early warning sign, and have been examining the bank’s inventory of these shaky commercial papers before and after receiving the memo.
However, a large portion of the millions of dollars expected from the settlements and administrative hearings isn’t expected to compensate investors.
Since the ABCP crisis, some investors have been reimbursed through a Pan-Canadian agreement — a privately negotiated restructuring that involves federal and provincial government money.
Settlement talks between the regulators and banks are ongoing. If a settlement isn’t reached by the end of the summer, a hearing before a panel of adjudicators could be scheduled for the fall.
Meanwhile, Coventree, a key player in the ABCP market, is shutting down its operation.
• • •
Caisse recruits leading asset manager
Roland Lescure will don the mantle of executive vice-president and chief investment officer of Caisse de dépôt et placement du Québec, starting fall.
His appointment is part of Caisse’s effort to refocus on core operations, manage risk more effectively and generate sustained returns over the long term.
“Caisse is proud to welcome Roland Lescure to its senior management team. He’s recognized in Europe as one of the best asset managers of his generation,” said Michael Sabia, president and EO of the Caisse de dépôt et placement du Québec. “His excellent track record shows he has the vision and leadership to direct our investment strategy and guide our teams through challenging economic times.”
Lescure will be responsible for setting Caisse’s investment strategy and asset allocation for overall portfolio, as well as shaping the research underpinning its investment activities. He will also oversee investments in liquid markets (equities, fixed income, currencies and commodities) and play a key advisory role for private equity and real estate.
Lescure is currently chief investment officer at Groupama Asset Management, one of the largest asset management firms in France.
• • •
Citadel seeks unitholder approval
The Citadel Group of Funds is proposing to merge eight Citadel funds and the Crown Hill Fund to create a single fund — Citadel Income Fund — to enhance liquidity and reduce operating costs.
The Citadel Income Fund will invest in a variety of income-producing securities, including income trusts, common shares and debt securities. Jarislowsky, Fraser Limited is the new fund’s designated investment manager. Monthly distributions are expected to continue at current level.
Unitholders will vote on the proposed reorganization at a special meeting in September, and will have the option of redeeming their units for an amount based on the net asset value per unit of the applicable fund, adjusted for charges and costs based on what would be payable if the applicable fund were terminated.
Funds to be merged include:
• • •
Horizons BetaPro receives unitholder approval
Unitholders of the Horizons BetaPro DJ-AIG(SM) Agricultural Grains Bull Plus ETF, Horizons BetaPro DJ-AIG(SM) Agricultural Grains Bear Plus ETF, Horizons BetaPro S&P/TSX Global Mining(TM) Bull Plus ETF, and Horizons BetaPro S&P/TSX Global Mining(TM) Bear Plus ETF (the “Agricultural and Mining ETFs”) gave their approval to changing the underlying index of each agricultural and mining ETF, effective August 24, 2009.
Subject to regulatory approval, the investment objectives of the HBP Agricutural ETFs will be amended so that the Dow Jones-UBS Grains Subindex is replaced with the S&P Agribusiness North America Index. The names of the Agricultural ETFs will change to reflect the new underlying index and will continue to trade under the TSX tickers HAU and HAD, respectively.
Also pending regulatory approval, the investment objective of the Mining ETFs will be amended so that the S&P/TSX Global Mining Index is replaced with the S&P/TSX Global Base Metals Index.The names of the Mining ETFs will then be changed to reflect the new underlying index and will continue to trade under the TSX tickers HMU and HMD, respectively.
(07/24/09)
"Landmark" legislation is significant step forward in protecting investors, organization says
By James Langton |May 28, 2024
2 min read
Reichmann Segal Capital Partners says it plans to invest in new product development and expansion
By The Canadian Press |May 28, 2024
1 min read
Despite challenges, overall revenue grew
By Ian Bickis, Canadian Press |May 28, 2024
3 min read