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(September 17, 2008) The Canadian Institute of Actuaries has asked Canada’s five main political parties to address various topics relevant to the industry, including their positions on the future of retirement savings, financing of Employment Insurance and long-term planning for health care.

“Canada’s actuaries are asking the parties to seriously consider their commitment to these issues, all of which are critical to Canadians and a healthy economy,” says Mike Hale, president of the Canadian Institute of Actuaries.

The institute points to a StatsCan report that defined benefit pension plan coverage has fallen from 29% of private-sector workers in 1992 to 21% in 2003. Another study by the University of Waterloo found that most Canadians are not setting aside enough money to fund retirement on their own, yet two-thirds of Canadians aged 45 to 59 feel their savings will be adequate.

“This gap between reality and perception around retirement savings and pensions is very important,” says Hale. “Layer on the critical issues of the demise of an excellent means of retirement saving, defined benefit pension plans in the private sector, and the lack of harmonization of pension legislation across the country, and without appropriate remedies, the financial future of Canadians is in serious jeopardy.”

The institute is also calling on the government of Canada, regardless of who wins the election, to create the position of chief health care actuary, charged with developing a long-term funding strategy for public health care.

“We know that the political parties are aware of these issues, and we hope that their election platforms will contain commitments to resolve them,” said Hale. “We intend to post the parties’ answers on our website for all Canadians to access over the course of the campaign.”

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Scotia beefs up equities team

(September 17, 2008) Scotia Capital has announced appointments to senior positions within its equities-related businesses.

Adam Waterous has been named head of global investment banking and will continue as head of Scotia Waterous, Scotia Capital’s oil and gas M&A division.

The firm has also named Patrick Burke head of institutional equity sales, trading and research. He replaces James McLeod.

Philip Smith will take on the role of deputy head, global investment banking.

“Our objective is to not only enhance the strengths of this business but to further grow our equities businesses, especially in our focus industry sectors,” said Mike Durland, co-head, Scotia Capital.

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Loring Ward sold

(September 17, 2008) Shareholders of Loring Ward International have approved the sale of the company to Werba Reinhard Holdings Ltd., after a protracted battle for the firm.

The transaction received 99.99% support at a special meeting in Toronto. The deal prices the company at $18 per share in cash, and is still subject to regulatory approval. It is expected to close at the end of October.

(09/17/08)