Briefly:

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Foreign investors are turning their backs on Canadian securities.

According to Statistics Canada, purchases dropped to $351 million from the $61.9 billion they invested over the first six months of the year while purchases of bank and financial shares remained healthy to the tune of $3.57 billion in bonds and $612 million in stocks.

On the flip side, Canadians shied away from foreign stocks, selling off $526 million in foreign securities.

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Sun Life target date funds hit milestone

Sun Life Financial has announced that the combined assets of its target date funds have now surpassed $1 billion, four years after their introduction to the employer-sponsored plan market.

“Due to their simplicity, target date funds are fast becoming a standard feature in many workplace retirement savings plans,” said Tom Reid, senior vice-president, group retirement services, Sun Life Financial Canada. “During the last two years, 55% of our new defined contribution plans have included target date funds. Our investment team helps create cost-effective solutions to give Canadians the tools they need to make their investment decisions.”

Target date funds are touted as the successor to simple money market funds as the default investment of choice among defined contribution plans.

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Mackenzie announces new division

Mackenzie Financial Corporation is centralizing its institutional investment sales and client services . The newly created Mackenzie Global Advisors will merge Mackenzie’s Cundill and Howson Tattersall teams.

“Consolidating our sales and service for the institutional businesses through Mackenzie Global Advisors will solidify our client relationships on a single service platform and relationship model and allow clients increased flexibility and more selection of proven investment solutions”, said Charles R. Sims, FCA, president and CEO of Mackenzie Financial Corporation.

Mackenzie Investments has $21.5 billion in institutional assets under management as of August 31, 2009, with offices in Toronto, Montreal and Vancouver.

(09/21/09)