Briefly:

(September 19, 2008) National Bank Financial Group has acquired Retirement Option Group, a financial planning firm with $1.5 billion in assets under management.

“This is our fourth and largest transaction since the beginning of 2008,” said Luc Paiement, executive vice-president, wealth management and co-CEO of National Bank Financial. “We have once again confirmed that our financial group is always on the lookout for new growth opportunities.”

National Bank acquired Toronto-based Aquilon Capital Corp. and Quebec-based Everest Financial Group in February 2008, and Manitoba-based Bieber Securities in May.

Bank of America ignores Quebec court

(September 19, 2008) In recent weeks, Bank of America has been coming up roses despite the turmoil in the U.S. financial services sector, but the bank is facing a lawsuit by investors in Quebec.

Defying three court orders, the bank’s president and CEO has refused to appear before a Quebec Superior Court, to face questions from claimants in an $18 million lawsuit.

The suit alleges negligence by the bank in preventing a real estate transaction worth $18 million. The claimants are now seeking a default award from the court.

The Hartford recognized for ethical standards

(September 19, 2008) Hartford Investments’ American parent, The Hartford has been named to Ethisphere’s 2008 World’s Most Ethical Companies list. The award recognizes strong practices in global governance, business ethics, compliance and corporate responsibility.

The Hartford has undertaken firm-wide and systematic efforts to build a strong, more cohesive ethics and compliance program for its organization. The expanded program addresses evolving ethics and compliance standards and focuses on policies and practices to detect and prevent ethics and compliance-related issues.

“The Hartford is among the companies honored this year because they have developed impressive and meaningful ethical business practices, making them true standouts within their industries,” says Alexander Brigham, executive director of Ethisphere Institute. “They go well beyond legal minimums, opting instead to bring about innovative ideas that contribute to the public well being. By their actions, they are forcing their competitors to follow suit, or fall behind and truly embodying the notion that ethical business practices are more profitable in the long run.”

(09/19/08)

Staff

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