Briefly:

(June 23, 2008) JovFunds Management will hold a special meeting for unitholders of its Jov BetaPro Short-Term Income Fund, to consider amendments to the investment objectives of the fund.

If approved, the fund will be renamed the Jov Bond Fund, and the portfolio will be restructured to include longer-term bonds. It will continue to be managed by JovInvestment Management and Leon Frazer & Associates.

“This proposal is part of our commitment to strengthen our product lineup and deliver innovative investment solutions to investment professionals and their clients,” said Adam Felesky, CEO of JovFunds Management Inc.

The meeting will be held August 11, 2008, for unitholders of record as of June 27, 2008.

MFDA settles with Portfolio Strategies Corp.

(June 23, 2008) The hearing panel of the Mutual Fund Dealers Association of Canada has approved a settlement between the self-regulatory organization and Portfolio Strategies Corporation.

Under the settlement, PSC must pay a fine of $5,000 and has been reprimanded by the SRO. The disciplinary action comes as a result of PSC’s handling of a complaint call from a client about the conduct of one of its approved persons, Rodney Jacobson, who was later terminated for cause.

PSC failed to conduct a reasonable supervisory investigation into Jacobson’s misconduct following the call. The hearing panel accepted the fact that PSC was not aware of Jacobson’s misconduct at the time that it occurred and there is no evidence that PSC benefited in any way from his misconduct.

(06/23/08)

Staff

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