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CI Financial Corp. entered into an agreement in principle with senior management of the capital market operations of Blackmont Capital Inc. to sell that business to a group of employees.

Blackmont was sold to Macquarie Group in October, with CI retaining Blackmont’s capital markets operations: These will be transferred to a new wholly owned subsidiary, CI Capital Markets Inc., pending regulatory approval.

A group of employees, led by senior management, intends to acquire all of the outstanding shares of CI Capital Markets in January 2010, upon receipt of necessary approvals.

“We are very excited about becoming an employee-owned firm and we appreciate the support and confidence that CI has demonstrated in us through this transaction,” said Jeff White, who will be CEO of CI Capital Markets. “We look forward to providing the same quality independent research, sales and trading and investment banking services to our institutional and corporate clients as we grow our business.”

The head office of CI Capital Markets and its principal place of business will continue to be located on the ninth floor of 181 Bay Street, Toronto.

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EdgePoint preps for Quebec market entry

EdgePoint Wealth Management announced the appointment of Pierre Novak as relationship manager for the Province of Quebec, effective December 7, 2009.

“We have worked with Pierre in the past and are thrilled to be working with him again,” said Patrick Farmer, CEO of EdgePoint. “His familiarity with the Krembil investment approach will allow him to seamlessly introduce the EdgePoint story. Pierre has been very successful throughout his career, developing strong relationships with financial advisors in Quebec.”

Prior to joining EdgePoint, Novak was managing director for BluMont Capital, responsible for sales in Quebec. Prior to BluMont, he worked for Trimark Investment Management from 1991 to 2000, supporting financial advisors in Quebec where he also built and managed a sales team.

EdgePoint Portfolios will be available for sale in Quebec in early 2010, pending regulatory approval.

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Sun Life announces executive appointments

Sun Life Financial announced three appointments for senior executives, effective January 1, 2010.

“Leveraging our leadership capabilities across our operations is a core part of Sun Life’s enterprise strategy,” said Donald A. Stewart, CEO of Sun Life. “These appointments will expand the line of sight these senior leaders have across our diverse operations and further deepen our management bench strength.”

• Jon A. Boscia, president, Sun Life Financial, will assume responsibility for SLF Asia and SLF U.K. He will retain his current responsibilities for marketing and oversight of the company’s invested assets, as well as his oversight for SLF U.S. and SLF Bermuda.

• Dean A. Connor, currently president, Sun Life Financial Canada, will become COO, Sun Life Financial, with responsibility for MFS Investment Management, enterprise services, and human resources. He retains oversight for SLF Canada and SLF Reinsurance.

• Kevin P. Dougherty will become president, SLF Canada, assuming operating responsibility for SLF Canada and SLF Reinsurance, and reporting to Connor. Dougherty retains his current role as president, Sun Life Global Investments (SLGI).

• Westley V. Thompson, president, Sun Life Financial U.S., will take on responsibility for all aspects of the company’s U.S. operations, excluding MFS. He will continue to report to Boscia.

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Consumer confidence holds steady

Canadian consumer confidence is holding up, especially when compared with the U.S., according to the latest Harris/Decima-Investor’s Group Measure of Consumer Confidence survey.

North of the border, the confidence index remains unchanged since August, at a reading of 85.5. In the U.S., confidence has risen slightly, to 67.4.

The survey found 40% of Canadians expect their financial situations will change over the coming year, with three quarters of that group expecting improvements. Roughly one quarter of respondents said they expect next year will see good economic times, compared to 15% who see bad times ahead.

“Cautious optimism by Canadians indicates a balanced outlook for both the economy and their personal financial situation,” said Jack Courtney, assistant vice-president, advanced financial planning at Investors Group. “But it is also interesting to note that Canadians continue to express optimism for the longer term.”

Fifty eight percent said the economy will improve over the next five years, while 31% foresee continued high unemployment and recession over this period.

The results were gathered for two weeks from November 19 to November 29, 2009 for just over 2,000 completes. A sample of the same size has a margin of error of 2.2%, 19 times out of 20.

(12/04/09)