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(January 3, 2007) The IDA has levied a fine of $50,000 and a five-year suspension against Anthony Zarkadoulas, a former registrant who worked in the Thornhill, Ontario, branch of CIBC Investor Services.

In a settlement agreement, Zarkadoulas admitted to engaging in conduct unbecoming, contrary to By-law 29.1, when he transferred funds from one client’s account to that of another in order to hide losses in the latter account. The transfer was not authorized.

Zarkadoulas received no direct financial benefit, and the initial client was reimbursed for the transferred funds. This may otherwise have been a mitigating factor, but during the IDA investigation, Zarkadoulas provided inaccurate, false or misleading information to the IDA regarding his termination of employment.

On top of the $50,000 fine, Zarkadoulas, who was fired by CIBC last February, must pay $16,600 in costs in order to return to the brokerage industry. The IDA does not have the legal authority to collect fines from former registrants.

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Mackenzie offers new fund of funds

(January 3, 2007) Mackenzie Investments has launched the Mackenzie Founders Fund, an equity-focused fund of funds with equal exposure to four of the firm’s oldest funds.

The portfolio includes Mackenzie Growth Fund, Mackenzie Cundill Value Fund, Mackenzie Maxxum Dividend Fund and Mackenzie Ivy Foreign Equity Fund. The fund will be automatically rebalanced, using daily cash flows, with Mackenzie senior vice-president Karen Bleasby responsible for its oversight.

“Mackenzie Founders Fund provides investors access to four long-standing and proven investment vehicles in one simple solution,” said David Feather, president, Mackenzie Financial Services Inc. “It’s fitting that we mark our fortieth anniversary in 2007 with the launch of a fund that embodies a long history of investment leadership across four distinct Mackenzie brands.”

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Sentry Select, BMO launch new notes series

(January 3, 2007) Sentry Select Capital and Bank of Montreal have announced the launch of the seventh series of their joint offerings, Canadian Income Deposit Notes and R.O.C. Canadian Income Deposit Notes.

The firms have also announced the launch of Series 2 for the Canadian Income Deposit Notes, Total Return Class. The issue price is $100 per note with a minimum investment of $2,000. They are available for sale until March 9, 2007.

The Total Return Class notes will mature on or about March 13, 2015, while the Canadian Income notes and R.O.C. Canadian Income notes mature on or about February 12, 2016.

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EDS SOLCORP upgrades insurance package

(January 3, 2007) EDS SOLCORP has announced the release of its latest version of INGENIUM, its life cycle administration system for the life insurance industry.

“Insurers are challenged by changes in taxation and regulatory legislation on both sides of the border,” said Roger Paehr, product manager, policy administration systems, EDS SOLCORP. “By componentizing the tax-specific logic, INGENIUM now makes it easier than ever for insurers to make any modifications to the system necessitated by changing requirements.”

INGENIUM 7.0 includes 150 enhancements, changes and modifications to the software.

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Sun Life names new India head

(January 3, 2007) Sun Life Financial has appointed a new head of operations for India, naming Venky Mysore as vice-president and country head, Sun Life Financial, India.

“We are delighted to welcome Venky to the Sun Life team,” said Stephan Rajotte, President, Sun Life Financial Asia. “Venky brings a great deal of knowledge and experience to this role, and we are pleased to have him on board as we continue to build and strengthen our business in India.”

Mysore is an industry veteran, with more than 20 years of insurance experience, working in North America and in establishing operations in Asia. In his new role, he will be responsible for Sun Life’s investment in the Birla Sun Life joint venture companies: Birla Sun Life Insurance Company Limited, Birla Sun Life Asset Management Company Limited and Birla Sun Life Distribution Company Limited.

(01/03/07)