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(November 14, 2007) Canada’s boomers appear set to make an impact on their communities, with almost 90% saying they plan to spend part of their retirement working for non-profit or charitable organizations, according to a survey by BMO Financial.

The poll found that 34% of Canadians aged 45 to 60 currently volunteer, while 38% said they do not yet but plan to in their retirement. Seven out of 10 current volunteers work with local organizations.

BMO first started asking boomers about volunteerism in 2005, when the bank found that 72% planned to spend “some time” in retirement as a volunteer. In 2006, 49% of respondents ranked volunteer work as one of their top two preferences for how to spend their time in retirement.

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IDA fines, bans rep over “loan”

(November 14, 2007) The IDA has issued a permanent ban against Gregory James Evans, a former representative with CIBC Investor Services in Toronto.

The IDA found that between December 2004 and November 2005, Evans borrowed funds from a client without the knowledge, consent or authorization of the firm. The IDA deemed that to be conduct unbecoming or detrimental to the public interest, contrary to bylaw 29.1.

After “borrowing” the money, Evans paid the client back — with mutual funds he withdrew from her own account. In the end, he was found to have “misappropriated” $55,500 from a client and carried out unauthorized trading in that same client’s account.

He was reported to the IDA by his firm, when it discovered his activities. CIBC Investor Services has compensated the client for the unauthorized withdrawals and reversed the mutual fund trades.

Evans now faces a criminal investigation. On top of the lifetime ban from the securities industry, he has been assessed a $100,000 fine, plus $25,000 in costs. He must also disgorge $55,000.

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CI, SocGen offer leveraged note

(November 14, 2007) CI Investments has announced the launch of CI Protected Leverage Deposit Notes, Series 1, which offer 200% exposure Series A units of CI Signature Income & Growth Fund.

“The notes are designed for investors who want growth but are concerned about market volatility,” said David R. McBain, CI senior vice-president. “The notes’ structure maximizes performance potential through leverage while controlling risk through principal protection and the fund’s broad diversification and active asset allocation.”

The notes are issued and guaranteed by Société Générale (Canada) and mature in five years. Any distributions that are made by the underlying fund will be reinvested into the note structure. The notes are available until December 7, 2007, with a minimum purchase of $5,000.

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CanDeal money market trades take off

(November 14, 2007) The August freeze-up in the asset-backed commercial paper market did little to hinder trading of Canadian money market instruments, according to CanDeal. The market maker saw a 218% increase in the number of trades executed in the six months ending October 31.

“This rapid growth of trades is consistent with the U.S. and European experience and the widespread adoption of online trading in money markets globally,” says Shirley Gallant, managing director for CanDeal. “All of the leading dealers in the Canadian money market participate on CanDeal.”

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Jovian issues stock options

(November 14, 2007) Jovian Capital Corp. has announced the issue of more than 2.4 million stock options to 36 key staff — mostly senior officers of Jovian’s various operating subsidiaries.

“These options are a key part of Jovian’s endeavour to provide the right incentives package to attract and retain key talent and to engage our management team as owners of our company,” said Philip Armstrong, CEO of Jovian.

Jovian’s subsidiaries include wealth management firms MGI Securities, MGI Securities (USA) and Rice Financial Group, as well as asset managers such as BetaPro Management, Horizons Funds, JovFunds Management, JovFunds Inc., Leon Frazer & Associates and T.E. Wealth.

(11/14/07)