Briefly:

(September 30, 2008) Northwater Capital Management Inc. announced on Tuesday that it has been advised one of the hedge funds in which it invested has been the victim of an alleged fraud. If the allegations are true, NCMI believes that it will have a material negative impact on the net asset value of the affected […]

By Staff | September 30, 2008 | Last updated on September 30, 2008
3 min read

“In almost all respects, the failure of the U.S. House of Representatives to vote for the U.S. Treasury’s bailout package indicates a lack of understanding of the need for capital market stability,” says Jeff Diermeier, CEO of the CFA Institute. “CFA Institute members, who rarely would look to a national government for a short-term solution, have spoken out by a heavy majority and indicated the need for a bailout program. I believe the vote was an unfortunate display of the political posturing that many of us find so frustrating and that the bailout package should be put to another vote at the earliest.”

Diermeier says members of Congress must come together and provide a rescue package, and reverse the panic that pushed the Dow Jones down more than 700 points on Monday.

“We are all concerned about the long-term effects of a bailout, but at this time stabilization must be the top priority,” he says. “Investors, employers, and regulators can expect that our members, serious investment professionals carrying the CFA credential, will maintain their poise at this time when clients need them the most.”

• • •

Advocis committed to educating advisors about Do Not Call

(September 30, 2008) Advocis wants to make sure that with Do Not Call List (DNCL) regulations coming into effect, financial advisors and planners are protected and prepared for this change in the way they do business.

“Advocis started working on this file more than two years ago when the proposals were first released by the CRTC,” says Advocis’s chief operating officer, Taylor Train.

Advovis says it worked hard to ensure that contacting clients as a result of a transfer of a book of business would not be considered an unsolicited telephone call. In addition, it was able to successfully lobby the CRTC to prevent advisors from being required to pay an annual registration fee.

However, the legislation is still going into effect, and now that the rules are in place, Advocis says it has moved to the next phase of the management of this issue — ensuring that members are compliant and can effectively continue to do business and build their client base within this new regulatory framework.

“With the issuing of the bulletins, changes to our best practices manual, postings on the CLU blog, information in FORUM magazine, the creation of the continuing education module, we are ensuring that our members know what’s in store come tomorrow,” Train says.

• • •

IFIC launches new website

(September 30, 2008) The Investment Funds Institute of Canada (IFIC) unveiled a new website today to streamline communications with its members as well as the investor community.

Developed by VAULT Solutions, the new site offers improved navigation and usability features to help users quickly find pertinent industry and regulatory information.

“In an information age, every company is essentially in the communication business, and we’ve strived to put the most important information in members’ hands on a very timely basis,” says Joanne De Laurentiis, president and CEO of IFIC. “In this regulatory landscape especially, members rely on us to provide them with information critical to guiding their business.

Some of the new features on the site include an improved job board, which allows job-seekers and employers in the investment funds industry to identify and post career opportunities not only in Canada but in the United States and other countries.

As well, a new event registration system allows users to identify IFIC events of interest, pay and be issued receipts online.

(09/30/08)

Advisor.ca staff

Staff

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

Previous Brieflies this week: | MON | TUE | WED | THU |

(September 30, 2008) Northwater Capital Management Inc. announced on Tuesday that it has been advised one of the hedge funds in which it invested has been the victim of an alleged fraud.

If the allegations are true, NCMI believes that it will have a material negative impact on the net asset value of the affected trusts. As of August 31, 2008, Northwater Market-Neutral Trust had approximately 4.3% of its net assets invested in, and Northwater Five-Year Market-Neutral Trust had approximately 2.5% of its net assets exposed to, the affected hedge fund.

The firm says it’s not clear what portion of the trusts’ investment may be recovered, if any. As a result, NCMI will write-down the value of these investments to zero when determining the net asset values of the trusts as at September 30, 2008.

• • •

Investors want accountability, not politics: CFA Institute

(September 30, 2008) The CFA Institute, which is the global association of Chartered Financial Analysts (CFA), has issued a statement blasting the U.S. House of Representatives for not supporting the U.S. Treasury bailout bill.

“In almost all respects, the failure of the U.S. House of Representatives to vote for the U.S. Treasury’s bailout package indicates a lack of understanding of the need for capital market stability,” says Jeff Diermeier, CEO of the CFA Institute. “CFA Institute members, who rarely would look to a national government for a short-term solution, have spoken out by a heavy majority and indicated the need for a bailout program. I believe the vote was an unfortunate display of the political posturing that many of us find so frustrating and that the bailout package should be put to another vote at the earliest.”

Diermeier says members of Congress must come together and provide a rescue package, and reverse the panic that pushed the Dow Jones down more than 700 points on Monday.

“We are all concerned about the long-term effects of a bailout, but at this time stabilization must be the top priority,” he says. “Investors, employers, and regulators can expect that our members, serious investment professionals carrying the CFA credential, will maintain their poise at this time when clients need them the most.”

• • •

Advocis committed to educating advisors about Do Not Call

(September 30, 2008) Advocis wants to make sure that with Do Not Call List (DNCL) regulations coming into effect, financial advisors and planners are protected and prepared for this change in the way they do business.

“Advocis started working on this file more than two years ago when the proposals were first released by the CRTC,” says Advocis’s chief operating officer, Taylor Train.

Advovis says it worked hard to ensure that contacting clients as a result of a transfer of a book of business would not be considered an unsolicited telephone call. In addition, it was able to successfully lobby the CRTC to prevent advisors from being required to pay an annual registration fee.

However, the legislation is still going into effect, and now that the rules are in place, Advocis says it has moved to the next phase of the management of this issue — ensuring that members are compliant and can effectively continue to do business and build their client base within this new regulatory framework.

“With the issuing of the bulletins, changes to our best practices manual, postings on the CLU blog, information in FORUM magazine, the creation of the continuing education module, we are ensuring that our members know what’s in store come tomorrow,” Train says.

• • •

IFIC launches new website

(September 30, 2008) The Investment Funds Institute of Canada (IFIC) unveiled a new website today to streamline communications with its members as well as the investor community.

Developed by VAULT Solutions, the new site offers improved navigation and usability features to help users quickly find pertinent industry and regulatory information.

“In an information age, every company is essentially in the communication business, and we’ve strived to put the most important information in members’ hands on a very timely basis,” says Joanne De Laurentiis, president and CEO of IFIC. “In this regulatory landscape especially, members rely on us to provide them with information critical to guiding their business.

Some of the new features on the site include an improved job board, which allows job-seekers and employers in the investment funds industry to identify and post career opportunities not only in Canada but in the United States and other countries.

As well, a new event registration system allows users to identify IFIC events of interest, pay and be issued receipts online.

(09/30/08)

Previous Brieflies this week: | MON | TUE | WED | THU |

(September 30, 2008) Northwater Capital Management Inc. announced on Tuesday that it has been advised one of the hedge funds in which it invested has been the victim of an alleged fraud.

If the allegations are true, NCMI believes that it will have a material negative impact on the net asset value of the affected trusts. As of August 31, 2008, Northwater Market-Neutral Trust had approximately 4.3% of its net assets invested in, and Northwater Five-Year Market-Neutral Trust had approximately 2.5% of its net assets exposed to, the affected hedge fund.

The firm says it’s not clear what portion of the trusts’ investment may be recovered, if any. As a result, NCMI will write-down the value of these investments to zero when determining the net asset values of the trusts as at September 30, 2008.

• • •

Investors want accountability, not politics: CFA Institute

(September 30, 2008) The CFA Institute, which is the global association of Chartered Financial Analysts (CFA), has issued a statement blasting the U.S. House of Representatives for not supporting the U.S. Treasury bailout bill.

“In almost all respects, the failure of the U.S. House of Representatives to vote for the U.S. Treasury’s bailout package indicates a lack of understanding of the need for capital market stability,” says Jeff Diermeier, CEO of the CFA Institute. “CFA Institute members, who rarely would look to a national government for a short-term solution, have spoken out by a heavy majority and indicated the need for a bailout program. I believe the vote was an unfortunate display of the political posturing that many of us find so frustrating and that the bailout package should be put to another vote at the earliest.”

Diermeier says members of Congress must come together and provide a rescue package, and reverse the panic that pushed the Dow Jones down more than 700 points on Monday.

“We are all concerned about the long-term effects of a bailout, but at this time stabilization must be the top priority,” he says. “Investors, employers, and regulators can expect that our members, serious investment professionals carrying the CFA credential, will maintain their poise at this time when clients need them the most.”

• • •

Advocis committed to educating advisors about Do Not Call

(September 30, 2008) Advocis wants to make sure that with Do Not Call List (DNCL) regulations coming into effect, financial advisors and planners are protected and prepared for this change in the way they do business.

“Advocis started working on this file more than two years ago when the proposals were first released by the CRTC,” says Advocis’s chief operating officer, Taylor Train.

Advovis says it worked hard to ensure that contacting clients as a result of a transfer of a book of business would not be considered an unsolicited telephone call. In addition, it was able to successfully lobby the CRTC to prevent advisors from being required to pay an annual registration fee.

However, the legislation is still going into effect, and now that the rules are in place, Advocis says it has moved to the next phase of the management of this issue — ensuring that members are compliant and can effectively continue to do business and build their client base within this new regulatory framework.

“With the issuing of the bulletins, changes to our best practices manual, postings on the CLU blog, information in FORUM magazine, the creation of the continuing education module, we are ensuring that our members know what’s in store come tomorrow,” Train says.

• • •

IFIC launches new website

(September 30, 2008) The Investment Funds Institute of Canada (IFIC) unveiled a new website today to streamline communications with its members as well as the investor community.

Developed by VAULT Solutions, the new site offers improved navigation and usability features to help users quickly find pertinent industry and regulatory information.

“In an information age, every company is essentially in the communication business, and we’ve strived to put the most important information in members’ hands on a very timely basis,” says Joanne De Laurentiis, president and CEO of IFIC. “In this regulatory landscape especially, members rely on us to provide them with information critical to guiding their business.

Some of the new features on the site include an improved job board, which allows job-seekers and employers in the investment funds industry to identify and post career opportunities not only in Canada but in the United States and other countries.

As well, a new event registration system allows users to identify IFIC events of interest, pay and be issued receipts online.

(09/30/08)