Briefly:

(July 25, 2008) Mackenzie Investments will substitute two of the six portfolio management teams that currently manage Mackenzie Focus Fund and Mackenzie Focus Class, effective August 29, 2008.

The roster of managers will now include Jerry Javasky, head of Mackenzie’s Ivy Funds, and David Ginther, a U.S. dividend equity specialist with Waddell & Reed Financial Inc.

Jerry Javasky and the Mackenzie Ivy team will replace Polar Capital LLP, which managed a technology-specific mandate, as one of six teams advising the funds. Polar will continue to sub-advise Mackenzie Universal World Science & Technology Class. Javasky and his team will be looking to own companies from around the world with relatively consistent longer-term growth prospects, purchased at attractive prices.

Ginther’s mandate will be to select large-cap U.S. dividend-paying securities for the funds. Ginther will assume his portion of the funds from his colleague Mark Seferovich, also of Waddell & Reed. Seferovich managed a U.S. small-cap mandate.

Central 1 beefs up laundering protection

(July 25, 2008)Central 1, the newly merged B.C. and Ontario Credit Union systems, has signed an agreement with vCAMLO Services to provide comprehensive anti-money laundering (AML) compliance support services to Canadian credit unions.

Central 1 says regulations that became effective last month significantly increased the scope of AML compliance obligations, including requirements to assess and mitigate their exposure to money laundering and terrorist financing risks, to screen their member databases for politically exposed foreign persons and to enhance their customer identification efforts.

vCAMLO’s risk monitoring technology is implemented in financial institutions based in Canada and across the world, and includes advanced case management, risk management modules, name screening applications, suspicious transaction monitoring systems, and platforms for automated regulatory filings. It also has proprietary software including a complete Politically Exposed Foreign Person list, the United Nations Act regulation lists, and other risk lists.

Under the new legislation, FINTRAC has the power to levy fines of up to $500,000 per compliance violation.

(07/25/08)

Staff

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