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(May 26, 2008) National Bank Financial has expanded its wealth management division with the purchase of Manitoba’s Bieber Securities Inc.

Bieber is small, with only 37 employees in six offices, but it occupies a valuable niche, offering portfolio management services to high-net-worth individuals, small institutional clients, as well as corporate finance.

National Bank will combine Bieber’s operations with its own retail wealth management business. So far this year, National Bank has also purchased Toronto’s Aquilon Capital Corp. and Groupe Everest of Montreal.

The Bieber deal has been approved by the IDA, but still requires approval from provincial regulators and the Toronto Stock Exchange. The transaction is expected to close in June.

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HSBC Investments rebrands

(May 26, 2008) HSBC Investments (Canada) Limited has announced it will change its name, as of June 2, 2008, to HSBC Global Asset Management (Canada) Limited.

“We are changing our name to HSBC Global Asset Management because it better reflects the breadth, strength and expertise of our business,” said Mark McCombe, global chief executive of HSBC Global Asset Management. “It also highlights one of our key competitive advantages, our global footprint, which complements our deep roots in local markets.”

All entities operating as HSBC Investments will adopt the HSBC Global Asset Management name. HSBC Investment Funds (Canada) Inc., the company’s mutual fund dealer and manager of HSBC Mutual Funds, will be unaffected by this change.

HSBC Global Asset Management manages assets of approximately C$407 billion worldwide, as at 31 March 2008.

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Commodities drive farm revenue increase

(May 26, 2008) Surging commodity prices have found their way to the bottom line for Canadian farmers — at least, those in the cash-crop business — according to StatsCan’s latest report on farm receipts.

Cash receipts from crop sales reached $5.4 billion in the first quarter of the year, a massive gain of 38.5% from Q1 of 2007. The prices of grains and oilseeds were behind the spike, as global consumption has soared.

There is a downside for many farmers, though. These high prices have boosted the cost of raising livestock, while at the same time the price of hogs and cattle has fallen. Livestock receipts fell 6.4% to $4.4 billion.

Dairy and poultry producers, who benefit from a controlled market, saw their incomes rise, limiting the overall livestock revenue decline to 1.9%.

Farm cash receipts measure gross revenue for farm businesses only, and do not represent farmers’ bottom line. The soaring costs of fuel will have a large impact on the sector.

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Scotia offers disability insurance on mortgages

(May 26, 2008) Scotiabank has announced it will now offer disability insurance for mortgages, adding the coverage to the already available life and health insurance.

“A sudden disability can quickly create an alarming financial burden for our customers and their families,” said Robin Hibberd, executive vice-president, personal lending and insurance. “Disability protection can safeguard families, their finances and their future. Scotiabank’s mortgage disability insurance will help maintain our customers’ credit ratings and protect their assets.”

The insurance is underwritten by Sun Life, and covers disability due to injury or disease, sickness, mental illness and nervous disorders. The maximum benefit is $3,500 per month, based on the actual cost of the applicant’s mortgage payment.

(05/26/08)