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(November 13, 2007) TSX Group is courting Australian corporations, hoping to attract new listings from down under. While Australia is home to several large and growing companies, access to capital is limited by the small domestic investor base.

“Despite its relative affluence, the fact is that the Australian market for capital is under heavy pressure in a booming economy,” said Rik Parkhill, president of TSX Markets. “There are simply too many potential targets for the available domestic capital, and a host of worthy companies are missing out on growth opportunities as a result.”

The solution, he says, is to list on the TSX, which would provide access to North America’s vast pool of capital, without exposing the listing company to strict U.S. regulation.

“North American investors are crying out for new product and opportunities but want the companies to trade in their time zone,” said Liam Twigger, managing director of Perth-based Prime Corporate Finance Pty Ltd. “Listing on the TSX will provide access to the deep North American capital markets, international coverage, investor base diversification and provide further liquidity for shareholders.”

There have been seven Australian listings on the Toronto Stock Exchange in 2007.

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Desjardins offerings seek women at the top

(November 13, 2007) Desjardins Securities has launched a new set of portfolios that focus on corporate governance, with a particularly close eye on gender issues. PDG Portfolios — short for “Performance, Diversity and Governance” — will invest in companies that favour the presence of women in high executive positions.

“The presence of women in executive positions and good corporate governance practices are two elements that favour better financial and stock performance for publicly traded companies,” says Guylaine Raby, vice-president and assistant portfolio manager at Desjardins Securities.

Desjardins cites research group HEC Montréal, which showed that companies with women in decision-making positions generated corporate returns 6% above the average between 2001 and 2004.

Each company in the portfolio must include at least one woman in a high executive position or on the board of directors. Investments are also evaluated on 22 criteria covering four aspects: composition of the board of directors, executive or board member compensation and stock ownership, shareholder rights and information disclosure.

There are three PDG portfolios available: PDG Conservative, PDG Balanced and PDG Growth. The management fee ranges from 1.65% for the PDG Conservative portfolio to 1.75% for the PDG Balanced portfolio and 1.95% for the PDG Growth portfolio.

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Renaissance offers two new funds

(November 13, 2007) CIBC’s Renaissance Investments has added two new funds to its lineup, offering individual investors access to institutional-grade assets.

The Renaissance Global Infrastructure Fund will invest, as the name suggests, in the global construction and repair of infrastructure, an area that has been of growing interest to pension fund managers. The fund is sub-advised by Australia-based RARE Infrastructure Limited.

The investment team uses quantitative and qualitative assessments to select a final portfolio of between 30 and 60 stocks from a universe of 40,000 globally listed securities.

“Investors in infrastructure will benefit from what is set to become one of the biggest investment opportunities of the decade, and we are excited to be able to offer this asset class to Canadian retail investors,” said Steve Geist, president of CIBC Asset Management Inc.

The second new fund is the Renaissance Optimal Income Portfolio, which the company describes as an “all-in-one income solution.” This portfolio will use a multi-manager strategic mix of mutual funds.

The portfolio also offers consistent and tax-efficient cash flow through its 4%, 6% or 8% payout options that may include a return-of-capital component.

“There is increasing importance for investors to find tax-efficient income-generating solutions while ensuring a diversified portfolio focused on capital preservation,” said Geist. “We are responding to these needs and are committed to ensuring the products we launch are targeted to meet and exceed the needs of Canadian investors.”

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SEAMARK chooses fund custodian

(November 13, 2007) SEAMARK Asset Management has chosen RBC Dexia Investor Services to provide custody, fund administration, recordkeeping, foreign exchange and securities lending for that company’s newly launched family of mutual funds.

“We were particularly impressed with RBC Dexia’s ability to combine a global product offering with a dedicated, local service team right here in Halifax,” said Stuart Raftus, CEO of SEAMARK Asset Management.

(11/13/07)