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(April 18, 2008) Fred Pynn, president and chief investment officer of Bissett Investment Management, will retire from the Calgary-based investment management firm at the end of June, Franklin Templeton Investments announced Friday.

The high profile manager is departing the firm after 21 years of managing money there for both retail and institutional clients. Since November 2005, Pynn has held the dual roles of president and CIO.

“I have had a terrific career with Bissett and made many friendships along the way,” Pynn says. “Investors can rest assured that I am leaving the stewardship of Bissett and the equity funds in very capable hands.”

Franklin Templeton announced that Michele Horne has been appointed president and Garey Aitken has been appointed CIO of the firm effective July 2, 2008.

“Ms. Horne and Mr. Aitken bring a wealth of experience to their new roles, having worked more than ten years with the Bissett investment team. They each have a deep understanding of Bissett’s business, investment process and clients’ needs,” says Don Reed, president and CEO Franklin Templeton Investments.

For both Bissett’s retail and institutional businesses, Horne will oversee the balanced portfolio management and fixed income teams and Aitken will oversee the equity team.

Aitken was co-lead manager with Pynn on the Bissett Canadian Equity Fund since 2002 and now becomes lead manager of the fund. Aitken is already the lead manager of the Bissett Energy Corporate Class. He also acts as co-lead manager of the Bissett All Canadian Focus Fund and the Bissett U.S. Focus Corporate Class.

Horne is lead manager of the Bissett Canadian Balanced Fund.

Ian Riach, co-lead manager with Pynn on the Bissett Multinational Growth Fund since 2005, will become lead manager of that fund.

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Canadian pension plans lose ground again

(April 18, 2008) Due to increasingly unstable markets, Canadian pension plans on the RBC Dexia Universe fell for third consecutive quarter.

The funds slipped 1.9% in the last quarter, which ended March 31, pushing 12-month losses to -2.7%.

Global equity took the biggest hit last quarter, though the weakened loonie helped ease the pain for unhedged Canadian-based investors.

“The MSCI World Index plunged 11.9% in local currency terms. Performance nearly matched the index, but Canadian pensions lost only 5.5 per cent once exchange rates are taken into account,” says Don McDougall, director of advisory services for RBC Dexia.

The Canadian stock market fell 2.8% last quarter, though commodity prices helped that from retreating further.

The only two sectors with positive returns were materials and energy, which were up 7.3% and 1.2% respectively.

“Unfortunately, Canadian pensions had generally reined in their exposure to both growth sectors and underperformed the S&P TSX Composite Index by 1.6% this quarter — and by 3.8% over the year,” says McDougall.

Domestic bonds were once again the top quarterly performer, earning 2.8%, but lagging the DEX Universe Bond Index by 0.2%.

“Spreads varied considerably,” McDougall explains. “Real return bonds generated 5.9%, while longer maturity corporate bonds lost 0.3%.”

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CSA seeks comment on revised NI 52-109

(April 18, 2008) The Canadian Securities Administrators are seeking comment on a revised National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings. The proposed instrument has been significantly amended, thanks to the input received during the 2007 comment period.

In the updated NI 53-109, the chief executive officer and the chief financial officer of a venture issuer will no longer be required to certify that they’ve designed and evaluated the effectiveness of disclosure controls and procedures and internal control over financial reporting.

As well, non-venture issuers will now be required to use a control framework for the design of internal control over financial reporting and guidance for certifying officers has been expanded.

Comment period for the amended version is open until June 17, 2008, with the instrument expected to come into effect on December 15, 2008.

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MX, TSX announce merger deadline

(April 18, 2008) The Montreal Exchange and TSX Group have announced the closing date of their proposed merger, with the deal slated to be completed May 1, 2008, subject to regulatory approval.

Shareholders of the Montreal Exchange have until 5pm on April 29 to deliver a completed transmittal and election form to CIBC Mellon Trust Company, indicating their preferred form of compensation for the deal.

These shareholders are entitled to receive either 0.7784 of a common share of TSX Group or $39.00 in cash, without interest, for each MX common share. Shareholders who miss the deadline will be deemed to have opted for the cash alternative.

(04/18/08)