Briefly:

(February 29, 2008) Bank of Montreal has confirmed that it is still trying to restructure its Apex Trust and Sitka Trust, despite the notes of those trusts being downgraded to junk status by DBRS on Thursday.

The two trusts are heavily encumbered by exposure to illiquid asset-backed commercial paper and have been unable to find a buyer for their assets.

If efforts to restructure the trusts are not successful, the bank has said it would write down its remaining investment in them.

BMO is not the backup liquidity provider on either trust, and the bank says recent developments will not affect its overall rating.

Manulife and Ticoon Technology provide new software to advisors

Manulife Financial is teaming up with a Toronto-based technology firm to bring its software to the company’s advisors.

Ticoon Technology’s programs allow advisors to integrate investment, insurance and banking data from nearly every source and present it in a comprehensive and customized views for its users. It lets users across the value chain consolidate, view and configure data from multiple disparate sources within a single, secure, compliant platform.

“This was a major decision for Manulife, and we undertook extensive research to find a partner that had the right solution,” says Andy White, Manulife’s assistant vice-president, distribution systems. “We felt that Ticoon had the most comprehensive financial management suite and best understood both the investment and insurance industries. They were the clear choice for Manulife.”

By using Ticoon’s service, Manulife does not have to manage an in-house software product anymore. It also allows the company’s clients to access their investment and insurance policy data through a website.

The application will initially be launched to about 1,500 advisors moving onto the platform in mid-2008. It should be expanded within the Manulife Financial distribution network later this year and into 2009.

(02/29/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.