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The head of Russell Investments Canada is heading to Britain to head up the company’s UK operations. Irshaad Ahmad has been appointed managing director of the London office.

He assumes the new role September 15, but will continue to as interim leader of the Toronto office until a successor is named.

“Irshaad has been an integral part of Russell Canada’s success as evidenced by the significant revenue growth that was achieved during his tenure,” said Greg Stark, managing director, Russell, Americas Private Client Services.

“I’m also excited to see Russell continue to build upon the strong business operations already established in Canada, and to witness the team’s ongoing dedication to continually enhancing our investment services and better serving clients and advisors.”

Ahmad took the helm of Russell Investments Canada in 2006 and was recently named co-head of Russell’s Global Retail Service Line along with Stark.

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Solar fund hits market today

Here’s a bright idea: create an investment product that takes advantage of government guarantees in the solar energy industry, while providing income tax deductions to the investment’s holders.

That’s the gist of the Solar Income Fund LP, which became available today via offering memorandum and targets a preferred-distribution of 8% per annum.

Management fees on the fund are tied to its success, and it plans to make its first investment before the end of September. The projects will feed power into local utility grids in Germany, where solar power receives government-backed incentives and guaranteed 20-year power purchase agreements.

“We’ve spent the last 18 months developing a product that generates Green income by selling into the utility grid of the world’s most mature renewable energy economy (Germany),” says Paul Ghezzi, managing director of the fund. “The German government is years ahead of other countries in implementing its renewable energy strategy, allowing us to offer Canadian investors access to solar energy power generation with long term, guaranteed power purchase agreements.”

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OSC announces commissioner appointments

The Ontario Securities Commission (OSC) has announced the appointment of three new commissioners. James Carnwath assumed his post effective Aug. 12, 2009, while the appointments of Sinan Akdeniz and Charles Wesley (Wes) Moore Scott were effective Sept. 8, 2009. Each will hold the office for a term of two years.

“I welcome the addition of Messrs. Carnwath, Akdeniz and Scott as commissioners and board members,” says OSC chair David Wilson. “These individuals bring the breadth of knowledge and experience necessary to discharge the adjudicative, as well as regulatory and operational oversight activities of the OSC.”

Carnwath is a former justice of the Divisional Court, Ontario Superior Court of Justice and was the senior judge for the Central-West Region.

Akdeniz qualified in the U.K. as a professional accountant, and has held senior positions with TD Bank Financial Group.

Scott is a retired corporate executive who spent more than 30 years in the Bell Canada group, retiring in 2001 as chief corporate officer of BCE Inc. and vice-chairman of Bell Canada.

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Marret hires CIBC Mellon

CIBC Mellon Global Securities Services has been tapped to provide global custody, unitholder recordkeeping and fund accounting for Marret Asset Management Inc.’s closed-end and pooled funds.

“Marret is dedicated to maintaining the highest standards and achieving a leading long-term performance record for our clients,” says Lara Misner, vice-president, Marret Asset Management. “We’re confident that CIBC Mellon’s excellent service and solutions will help us deliver high quality products for years to come.”

Marret Asset Management Inc. is a credit fixed income manager. The firm advises on more than $3 billion in high-yield and investment-grade corporate debt assets for institutional and mutual fund clients.

(09/10/09)