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(January 9, 2008) Power Financial has announced the appointment of Philip K. Ryan as executive vice-president and chief financial officer, effective no later than January 31, 2008. He will assume the same titles at Power Corporation of Canada.

Ryan will succeed Power Financial’s outgoing CFO, Michel Plessis-Bélair, who will continue as a director of Power Financial Corporation, Power Corporation, and some affiliated companies.

Plessis-Bélair joined Power Financial Corporation in 1986 as senior vice-president, finance and administration, and was named executive vice-president and CFO in 1997.

Ryan is a veteran of the financial services industry, having spent 22 years with Credit Suisse Group, including a stint as that company’s CFO.

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CIBC names Private Wealth VP

(January 9, 2008) CIBC has announced the appointment of Gary Whitfield as vice-president, CIBC Private Wealth Management, which consists of CIBC Trust, CIBC Private Banking and CIBC Private Investment Counsel.

Whitfield joins CIBC from Britain’s Barclays Private Bank, where he served as head of business development and head of the U.K. expatriate team for Barclays Wealth.

Whitfield is no stranger to Canada or CIBC, however, as he spent nine years with the bank prior to joining Barclays, with his last position being director of wealth management for business banking.

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Northwood Stephens rated top family office

(January 9, 2008) European financial magazine Euromoney has named Northwood Stephens Private Counsel as the best independent family office in Canada, making it the second year in a row for the firm.

“We believe the family office model is the best model for delivering comprehensive wealth management to affluent families,” said Tom McCullough, president and CEO of Northwood. “And we are delighted to be recognized as the best in the country in our field.”

Northwood also ranked first in inheritance and succession planning, and took the number two spot for providing private equity investment and equity portfolio management services.

Euromoney‘s global survey included responses from 398 private banks and wealth management institutions, with each nominating peers who they felt were leaders in their respective fields.

“Our clients value the integration of estate, tax and philanthropic planning along with access to, and oversight of, the best investment managers in the world,” added Scott Hayman, Northwood’s executive vice-president and head of client services. “Recognition in the Euromoney survey affirms our strategy of providing our clients with coordination and management of all aspects of their financial lives.”

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ATB drops changes to portfolio objective

(January 9, 2008) The investment arm of the Alberta Treasury Board has issued a clarification concerning proposed changes to its Compass Conservative Portfolio, which were announced December 20, 2007.

In the original press release, ATB Investment Management had proposed changing the investment objectives of the portfolio, along with its asset allocation. It has since decided that the objectives will not be changed, although all other alterations will take effect January 31.

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OpenSky seeks closure of fund

(January 9, 2008) The trustee of OpenSky Capital Income Index Fund has called a special meeting of unitholders to consider the liquidation of the fund, amid concerns that the fund has become too small to remain economically viable.

The proposed meeting date is March 12, 2008, and a proxy circular will be mailed on or about February 12, 2008. The proposal will require approval from holders representing two-thirds of the fund’s units.

In the meantime, the fund intends to maintain its monthly distributions. The trustee has requested that the fund’s administrator set aside $85,000 to cover the costs of the fund’s termination.

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Sarbit passes along GST cut

(January 9, 2008) Sarbit Asset Management has announced that it will reduce the MER on all of its mutual funds, as well as on products available through offering memoranda. The cut is designed to reflect the reduction of the GST rate, which was trimmed from 6% to 5% as of January 1, 2008.

(01/09/08)