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(September 27, 2007) Mackenzie Financial and the Bank of Montreal launched two new protected deposit notes on Thursday.

The MSP ArMADA Protected Deposit Notes, Series 7 and 8, give investors 100% principal protection at maturity, and 100% protection of investment gains up to a target date six months prior to maturity.

The value of the deposit notes will change in the last six months but will never drop below the principal amount at maturity.

“We are pleased to offer this innovative new product with BMO,” said Brad Gerster, a senior vice-president of Mackenzie Financial Corporation and the head of Mackenzie Structured Products. “To our knowledge, these notes are the first investment products in Canada to deliver a daily lock-in of investment gains on a tax deferred basis.”

The return potential is based on the performance of the Mackenzie Founders Fund, a diversified fund of funds that invests in the Mackenzie Growth Fund, the Mackenzie Cundill Value Fund, the Mackenzie Maxxum Dividend Fund and the Mackenzie Ivy Foreign Equity Fund.

“Historically, this fund portfolio has delivered impressive returns with low volatility,” says Gerster. “That’s why we chose to link these notes to Mackenzie Founders Fund.”

Investors can buy the Series 7 notes until November 2 and the Series 8 notes until December 14.

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RBC unveils new notes for risk-averse investors

(September 27, 2007) Risk-averse retail investors will be happy to hear about RBC’s new principal protected commodity-linked notes. The Series 12 note gives investors access to a group of commodities that includes crude oil, copper and wheat.

The bank also launched the RBC Principal Protected AgriNotes, Series 1, which gives investors a chance to own agricultural commodities including wheat, soybeans and corn.

Returns for the commodity notes are linked to 125% of the upside price performance of the basket of commodities, while the AgriNotes offer returns linked to 100% of the average appreciation, measured on a semi-annual basis, of the basket of agricultural commodities. Both have a maturity date of November 8, 2010.

Self-directed investors and investment advisors can buy the notes until November 6.

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BMO issues $250 million of preferred shares

(September 27, 2007) The Bank of Montreal is giving the public a chance to buy a new series of preferred shares.

BMO will issue $250 million of Non-Cumulative Perpetual Class B Preferred Shares, Series 14. Underwriters are allowed to scoop up an additional $50 million of the shares up to two days before closing.

The public can buy a share for $25. Holders will be entitled to receive non-cumulative preferential quarterly dividends of about 33 cents per share at a yield of 5.25% annually.

The bank says it can redeem the share on or after November 27, 2012. The closing date is October 9 and proceeds from the offering will go toward increasing the bank’s capital base and for other corporate purposes.

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Wellington West beefs up U.S. agriculture operations

(September 27, 2007) Toronto-based Wellington West Capital holdings is strengthening its U.S. operations. The company hired Neil Sivertson, who previously worked at Blackmont Capital, to be the new managing director of U.S. equity sales and the director of agriculture.

“Neil’s credentials combined with his presence in the U.S. Midwest gives us a major advantage in the agriculture sector,” says Greg Thompson, Wellington West’s president. “Agriculture is increasingly providing attractive investment opportunities due to surging protein demand in Asia, low global grain inventories and supply constraints.”

“Agriculture is an increasingly important component of the capital markets and will be one of our core areas of expertise,” adds Sivertson. “I’m excited to be building this platform and joining a team with an excellent reputation and a great entrepreneurial culture.”

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FEI Canada appoints new president

Financial Executives International Canada appointed a new president on Thursday. Michael Conway will become the new chief executive and national president effective immediately.

“The board and I are pleased to welcome Michael into the senior executive team,” says chairman of the board of FEI Canada. “Michael’s expertise, extensive experience and understanding of member needs will serve FEI Canada’s membership well in the years to come. We look forward to working with him to lead the organization in advancing our strategic vision and enhancing our overall value to members.”

Conway’s been part of the financial industry for years, holding various executive positions including senior vice-president and CFO at Psion Teklogix, vice-president and controller at BCE and vice-president and chief accountant at RBC.

The new head honcho has also been a long-time FEI Canada member and held the positions of past president of the Toronto chapter and past director of the Quebec chapter.

Needless to say, Conway’s excited about his new appointment. “This is a tremendous opportunity to have a positive impact on the future of financial executives in this country,” he says. “FEI Canada is poised to take the next steps in its growth and evolution. Our members are Canada’s senior most financial executives, and they continue to play increasingly important, visible and complex roles in the Canadian economy.”

(09/27/07)