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(July 2, 2008) Manulife has announced that it is rebranding Berkshire-TWC Financial Group as Manulife Securities, closing the book on the sometimes troubled brand.

As of today, the company’s mutual fund dealerships, Manulife Securities International Ltd. and Berkshire Investment Group Inc., will be named Manulife Securities Investment Services Inc.

The securities-registered business will operate as Manulife Securities Incorporated, while all business of Berkshire Insurance Services Inc. will be transferred to Manulife Securities Insurance Inc.

“We are operating as a strong national firm that offers new opportunities for independent advisors serving their clients across Canada, committed to delivering the same high-quality service we provided in the past,” explained Manulife Securities’ president Rick Annaert. “We have a new look and are focused on leveraging the strengthened market and financial position of the combined companies.”

The Berkshire name has been dragged through the mud on occasion, most notably as the firm associated with Ian Thow, the advisor accused of ripping off clients in British Columbia to the tune of $30 million.

The firm had steadfastly denied any wrongdoing in the Thow case, claiming that its compliance department had no way of knowing what Thow had been up to, and pointing out that early client complaints had been withdrawn.

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Industrial Alliance seals deal

(July 2, 2008) Industrial Alliance Insurance and Financial Services has announced the completion of its acquisition National Financial Corporation, the parent of AEGON Dealer Services Canada, Money Concepts (Canada) and National Financial Insurance Agency.

“This transaction strengthens IA’s position as a leader in the distribution of mutual funds in Canada by expanding its diversified network of independent financial advisors,” the company said in a press release.

The transaction closed on July 1, after receiving final regulatory approval. National Financial Corporation is a subsidiary of AEGON Canada Inc.

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Mining sector ripe for picking

(July 2, 2008) The credit crunch has claimed many victims, largely in the financial sector, but even the high-flying mining industry is taking a hit. The value of initial public offerings for the first half of 2008 fell “substantially” for the sector, according to Ernst & Young.

“The credit crunch has really hit the grassroots exploration phase of the IPO market hard, and so many are ripe for takeovers,” says Tom Whelan, Ernst & Young partner and Canadian mining industry leader. “We’re anticipating many more mining mergers and acquisitions in the second half of this year.”

Despite the downturn in dollars raised by mining IPOs, they continue to make up more than 80% of the IPO market in Canada.

Whelan believes that while IPOs are weakening, the stage has been set for a wave of consolidation in the industry. Ninety percent of firms surveyed in Ernst & Young’s most recent mining study said they expected to make a deal within the next two years.

“At the end of the day, this is about supply and demand,” he says. “Booming economies like China and India have infrastructure demands that far exceed resource supplies, and the mining sector will need to work hard to meet those demands.”

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Mavrix alters fund objective

(July 2, 2008) Mavrix Fund Management has announced that unitholders of the Mavrix Multi Series Fund Ltd. — Canadian Equity Series have approved a change to the fund’s fundamental investment objective.

The fund will now seek to provide “a high return through a combination of long-term capital growth and income,” rather than simply “long-term capital growth.”

To achieve this goal, the fund will invest solely in units of Mavrix Sierra Equity Fund and Mavrix Balanced Monthly Pay Fund. Formerly, it had invested in units of Mavrix Canada Fund and Mavrix Sierra Equity Fund.

(07/02/08)