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(November 2, 2007) Sun Life Financial has announced plans to shuffle its executive team, effective January 1, 2008.

Kevin Dougherty, current president of Sun Life Financial Canada, will move over to become president of Sun Life Global Investments, where he will be tasked with building a more cohesive asset management platform to boost the firm’s growth in the global wealth market.

Dean Connor, current executive vice-president, will move into the president’s office vacated by Dougherty. Immediately prior to joining Sun Life, Connor had served as president for the Americas with consulting firm Mercer.

Robert Salipante, president, Sun Life Financial U.S., will take on the leadership of the newly created International Variable Annuity Center.

Tom Bogart, executive vice-president and general counsel, will take on the chairmanship of Sun Life Insurance (Canada) Limited and Sun Life Assurance Company of Canada (U.S.).

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IDA at odds with own hearing panel

(November 2, 2007) A hearing panel of the Investment Dealers Association of Canada has determined that the IDA does not have jurisdiction to proceed with a disciplinary hearing against Vancouver-based Global Securities Corporation. As a result of this finding, the proceedings against the firm have been stayed.

The IDA had alleged that between March 1999 and February 2001, Global failed to properly supervise the account opening and transactional activities of Stephen Brook Toban, a registered representative. Toban had opened as many as 35 accounts for U.S residents and facilitated the deposit and transfer of cash and shares to and from those accounts.

The hearing panel issued the decision to stay proceedings because the IDA had not acted within the six-year window provided by British Columbia’s Limitation Act. The IDA has appealed to the BCSC to overturn the decision.

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Barclays to open Toronto office

(November 2, 2007) Barclays Capital is opening a marketing office in Toronto, boosting the firm’s Canadian presence. To date, the market has been served out of Barclays’ London and New York offices.

The Toronto office will be headed up by Sandra Godard, who will act as managing director, distribution, Barclays Canada Limited.

“Sandra’s experience and expertise in the Canadian markets will be beneficial to the firm as she will be responsible for delivering the full suite of Barclays Capital’s products across all assets into this fast and growing investor market,” said Neil Cummins, managing director, global distribution.

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Saxon expands small cap line

(November 2, 2007) Saxon Financial has filed a preliminary simplified prospectus for three new funds: Saxon Microcap fund, Saxon U.S. Small Cap fund, and Saxon Global Small Cap fund.

The funds will be available in an Advisor Series as well as in Saxon’s traditional Investor Series, its institutional B-Series and F-Series. The investment process will be modelled after the Saxon Small Cap fund, with slight adjustments made for the specific mandates.

Saxon describes the funds’ objectives as “to achieve significant long-term growth by investing primarily in well-diversified portfolios of companies with below-average market capitalization.”

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Northwest expands Quadrant Portfolios

(November 2, 2007) Northwest Mutual Funds has announced a significant expansion of its product line, launching three new Northwest Quadrant Portfolios and a corporate class option on 15 funds.

“Over the past several years, Northwest has been one of the fastest growing mutual fund companies in Canada,” said Michael Butler, president and COO of Northwest. “The expansion of our product lines is simply a natural progression in response to demand from our growing network of advisors and unitholders.”

The three new portfolios are the Northwest Quadrant Balanced Portfolio, the Northwest Quadrant Growth Portfolio and the Northwest Quadrant Global Equity Portfolio, bringing the total wrap offering to eight.

At the same time, two existing portfolios have been renamed. The Northwest Quadrant Monthly Income Portfolio is now the Northwest Quadrant Income Portfolio, while the Northwest Quadrant Growth & Income Portfolio has become the Northwest Quadrant Balanced Growth Portfolio.

(11/02/07)