Briefly:

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Mavrix Fund Management Inc. has announced staff cuts, eliminating 10 positions “to better align costs and staffing levels with current assets under management.” Mavrix senior management remains intact.

The company was bought out by GrowthWorks in a deal that closed July 1, 2009. The sales and marketing teams of the two companies have been merged.

Mavrix also proposed hiring SEAMARK Asset Management as subadvisor for the Mavrix Dividend and Income Fund and the Mavrix Strategic Bond Fund. The appointment of SEAMARK is subject to approval by Mavrix’s independent review committee.

SEAMARK was also bought by GrowthWorks at the end of October, with the goal of creating a mid-sized, diversified asset management company, to be named Matrix Asset Management Inc.

GrowthWorks is best know as a venture capital firm, while Mavrix brings flow-through share investments to the table.

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MFDA fines Toronto tax consultant

The MFDA has issued a ruling against Purisima Dy, a Toronto tax consultant who submitted fake charitable donation receipts from 39 churches for approximately 1,200 of her clients.

Dy has been fined $50,000 by the MFDA, prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA member and has been charged $2,500 in costs.

In July 2007, Dy was sentenced to two years in a jail after pleading guilty to one count of fraud and another charge of uttering forged documents in the case.

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Ontario schools join investment challenge

Nine Toronto-area schools will be participating in the Toronto CFA Society’s inaugural Investment Research Challenge.

Teams from Brock University, Lakehead University, Queen’s School of Business, Schulich School of Business, Sprott School of Business, Telfer School of Management, Waterloo University, Wilfrid Laurier University and York University will be putting together research reports on Glacier Media Inc. in an effort to qualifying for the CFA Institute Regional Investment Research Challenge in New York City. There, the winning team will compete against teams from schools across the Americas in March 2010. Winning teams then proceed to the global finals to be held in Hong Kong in April 2010.

The goal of the challenge is to teach best practices in equity research to students from top business schools.

“The most exciting part of the Investment Research Challenge is the way it allows seasoned industry professionals to connect with the next generation of financial analysts,” says Peter S. Jarvis, CFA, executive director with the Toronto CFA Society. “There are numerous Toronto CFA Society volunteers acting as mentors to student teams, graders of the research reports and panel judges.”

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Ethical Funds unveils 2010 plan

Ethical Funds wants to know what corporations are thinking.

The division of Northwest & Ethical Investments L.P. has announced plans to engage 60 Canadian and international corporations in the coming year to advance corporate sustainability issues, reduce portfolio risk and increase shareholder value.

The launch of the Ethical Funds’ Shareholder Action Focus List follows an extensive review of environmental, social and governance risks, and the exposure to these risks in Ethical’s funds.

“Investors are embracing the idea that socially responsible investment is not simply about investing in good companies — it’s about making good companies better. That is the goal of our shareholder action program,” says Bob Walker, vice-president of sustainability.

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Commodities bulls boosting equities

Even though micro cap and small cap equities are struggling to receive more broker sponsorship and exposure, there is new optimism in trading, which bodes well for smaller equities here and abroad, according to Herbert Haft, president of The Haft Group, Inc.

In addition to the metals market, gold and silver, Haft and his advisory group also like medical services and equipment, and diagnostic companies, which he expects will deliver double-digit growth in 2010.

Haft will be visiting and hosting seminars with business and financial leaders and brokers in Vancouver from November 16 to 21 and Toronto from November 21 to 25, to discuss strategies to capitalize on the window of opportunity for market exposure, venture capital opportunities, analyst coverage and sponsorship.

The Haft Group, Inc. is a Manhattan based investor relations firm with a focus on the micro cap and small cap equities market in the U.S. and Canada.

(11/11/09)