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(November 5, 2007) The Financial Planners Standards Council is calling for nominations for the 2008 Donald J. Johnston Award for Outstanding Contribution to the Profession of Financial Planning in Canada.
The FPSC is inviting industry participants to nominate someone they feel “recognizes and celebrates the spirit, imagination, dedication and contribution of those who help move the professional practice of financial planning toward recognition as a bona fide profession.”
The winner of the 2008 Award will be the third honoree to win the award, since it was inaugurated in 2006. The previous winners are Don Johnston, founder and now retired president of FPSC (and namesake of the award) and Alistair Rickard, who is currently the government and industry relations associate vice-president at the Sun Life Assurance Company.
Nominees will be evaluated by the 2008 Don Johnston Award Committee on criteria including the following:
• • •
Large portion of CIBC World Markets U.S. business sold off
(November, 5, 2007) CIBC has sold a large part of its U.S. investment banking business to Oppenheimer Holdings.
Oppenheimer has purchased CIBC World Market’s U.S. domestic investment banking, equities, leveraged finance and related debt capital markets businesses. The transaction also includes CIBC’s Israeli investment banking and equities business, and certain parts of other U.S. capital markets-related businesses located in the UK and Asia.
CIBC will retain its U.S. wholesale businesses, which include real estate finance, equity and commodity structured products, merchant banking and oil and gas advisory, as well as the balance of its U.S. debt capital markets, Asia and UK businesses. It will also maintain its corporate lending capability and its ability to distribute Canadian equities and fixed income products in the U.S. global markets on behalf of Canadian clients.
Under the terms of the agreement, CIBC will receive a deferred payment on the fifth anniversary of closing based on the performance of Oppenheimer’s combined capital markets business over that five-year period. CIBC will also receive warrants exercisable for one million Oppenheimer shares at the end of the same period.
Oppenheimer will in turn borrow $100 million from CIBC in the form of a subordinated loan.
“This transaction gives CIBC the opportunity to benefit from Oppenheimer’s future success,” says Gerry McCaughey, CIBC’s president and CEO. “It will also permit CIBC to redeploy capital over time to further support the continued growth of our strong and profitable U.S. and international operations, as well as our core Canadian businesses. This is in line with our strategic imperative to achieve consistent and sustainable performance over the long-term.”
The proposed transaction is expected to close in January 2008, subject to regulatory approvals. A second closing is anticipated for the overseas operations, including the Israeli broker-dealer.
• • •
TD adds tax-efficient extensions to MAP
(November 5, 2007) TD Asset Management the manager of TD Mutual Funds has added three tax-efficient series for six existing TD Managed Assets Program portfolios.
This series extension introduces the new K-Series. The K-Series is designed to provide a tax-efficient cash flow option to larger investors with a minimum investment amount of $250,000. The capped management expense ratio for the new K-Series units of the portfolios is at least 0.50% per annum below the MER for the H-Series units of the portfolios.
“The series extensions allow us to provide investment solutions that are a great way for investors to obtain a consistent monthly cash flow while maintaining their asset allocation,” said Timothy Pinnington, president of TD Mutual Funds.
Series extensions (Now available in H, K and T-Series units):
• • •
AGF, CIBC launch new series of ROC Deposit Notes
(November 5, 2007) AGF, in partnership with CIBC, has launched Series 2 and Series 3 of the CIBC AGF Dividend Income Fund ROC (Return of Capital) Deposit Notes.
The Notes of each Series offer 100% principal protection if held to maturity, as well as monthly return of capital payments and growth potential.
The notes’ returns will be based on those of the AGF Dividend Income Fund. The fund attempts to provide enhanced yield potential, using a growth-at-a-reasonable-price approach to select securities with strong fundamentals and a history of paying dividends. At the end of September 2007, the fund had more than $870 million in total net assets.
“Principal-protected products like these Deposit Notes continue to gain favour with Canadian investors,” said AGF Funds Inc. President Randy G. Ambrosie. “These Notes are attractive to investors because they provide the benefits of investing in dividend-paying companies by linking to the performance of AGF Dividend Income Fund.”
The series 2 notes are available for purchase from November 5, 2007 until December 14, 2007 and will mature in December 2015. The series 3 notes will be available from December 17, 2007 until March 7, 2008 and will mature in March 2016.
(11/05/07)
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(November 5, 2007) The Financial Planners Standards Council is calling for nominations for the 2008 Donald J. Johnston Award for Outstanding Contribution to the Profession of Financial Planning in Canada.
The FPSC is inviting industry participants to nominate someone they feel “recognizes and celebrates the spirit, imagination, dedication and contribution of those who help move the professional practice of financial planning toward recognition as a bona fide profession.”
The winner of the 2008 Award will be the third honoree to win the award, since it was inaugurated in 2006. The previous winners are Don Johnston, founder and now retired president of FPSC (and namesake of the award) and Alistair Rickard, who is currently the government and industry relations associate vice-president at the Sun Life Assurance Company.
Nominees will be evaluated by the 2008 Don Johnston Award Committee on criteria including the following:
• • •
Large portion of CIBC World Markets U.S. business sold off
(November, 5, 2007) CIBC has sold a large part of its U.S. investment banking business to Oppenheimer Holdings.
Oppenheimer has purchased CIBC World Market’s U.S. domestic investment banking, equities, leveraged finance and related debt capital markets businesses. The transaction also includes CIBC’s Israeli investment banking and equities business, and certain parts of other U.S. capital markets-related businesses located in the UK and Asia.
CIBC will retain its U.S. wholesale businesses, which include real estate finance, equity and commodity structured products, merchant banking and oil and gas advisory, as well as the balance of its U.S. debt capital markets, Asia and UK businesses. It will also maintain its corporate lending capability and its ability to distribute Canadian equities and fixed income products in the U.S. global markets on behalf of Canadian clients.
Under the terms of the agreement, CIBC will receive a deferred payment on the fifth anniversary of closing based on the performance of Oppenheimer’s combined capital markets business over that five-year period. CIBC will also receive warrants exercisable for one million Oppenheimer shares at the end of the same period.
Oppenheimer will in turn borrow $100 million from CIBC in the form of a subordinated loan.
“This transaction gives CIBC the opportunity to benefit from Oppenheimer’s future success,” says Gerry McCaughey, CIBC’s president and CEO. “It will also permit CIBC to redeploy capital over time to further support the continued growth of our strong and profitable U.S. and international operations, as well as our core Canadian businesses. This is in line with our strategic imperative to achieve consistent and sustainable performance over the long-term.”
The proposed transaction is expected to close in January 2008, subject to regulatory approvals. A second closing is anticipated for the overseas operations, including the Israeli broker-dealer.
• • •
TD adds tax-efficient extensions to MAP
(November 5, 2007) TD Asset Management the manager of TD Mutual Funds has added three tax-efficient series for six existing TD Managed Assets Program portfolios.
This series extension introduces the new K-Series. The K-Series is designed to provide a tax-efficient cash flow option to larger investors with a minimum investment amount of $250,000. The capped management expense ratio for the new K-Series units of the portfolios is at least 0.50% per annum below the MER for the H-Series units of the portfolios.
“The series extensions allow us to provide investment solutions that are a great way for investors to obtain a consistent monthly cash flow while maintaining their asset allocation,” said Timothy Pinnington, president of TD Mutual Funds.
Series extensions (Now available in H, K and T-Series units):
• • •
AGF, CIBC launch new series of ROC Deposit Notes
(November 5, 2007) AGF, in partnership with CIBC, has launched Series 2 and Series 3 of the CIBC AGF Dividend Income Fund ROC (Return of Capital) Deposit Notes.
The Notes of each Series offer 100% principal protection if held to maturity, as well as monthly return of capital payments and growth potential.
The notes’ returns will be based on those of the AGF Dividend Income Fund. The fund attempts to provide enhanced yield potential, using a growth-at-a-reasonable-price approach to select securities with strong fundamentals and a history of paying dividends. At the end of September 2007, the fund had more than $870 million in total net assets.
“Principal-protected products like these Deposit Notes continue to gain favour with Canadian investors,” said AGF Funds Inc. President Randy G. Ambrosie. “These Notes are attractive to investors because they provide the benefits of investing in dividend-paying companies by linking to the performance of AGF Dividend Income Fund.”
The series 2 notes are available for purchase from November 5, 2007 until December 14, 2007 and will mature in December 2015. The series 3 notes will be available from December 17, 2007 until March 7, 2008 and will mature in March 2016.
(11/05/07)
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