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(April 12, 2007) Canada’s economy showed strong resilience in 2006 by adapting to a number of changes that would traditionally hobble a national economy, according to a new report from Statistics Canada.

The most drastic change was the labour migration to oil-rich Alberta. Alberta received a net inflow of 57,105 people from other provinces, the largest interprovincial movement of people to one province since 1972, StatsCan reports.

Nationally, the loss of labour in other regions didn’t have a significant impact. Real gross domestic product expanded 2.7%, only marginally less than the 2.9% gain in 2005, despite a mid-year slowdown. This rate of growth was exactly the same as the average annual gain since 2003.

Part of this growth can be explained by a continued boom in resource sales. The oil sands in northern Alberta continue to grow at an astronomical rate. Firms are still pouring money into these investments, tripling them from $5.2 billion when the current surge in oil prices began in 2003 to a planned $16.1 billion in 2007.

Overall, the energy sector cooled a bit last year, but the slack was picked up by record-high prices for metals — particularly copper, nickel, zinc and iron ore. The demand for metals was largely driven by rapidly developing markets like China.

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Fidelity launches suite of fund-wrap products

(April 12, 2007) Fidelity Investments is launching Fidelity Managed Portfolios, a suite of six risk-targeted fund-of-fund wrap portfolios that the company says will offer investors access to foreign equity and unique sectors.

The portfolios will strategically invest in a combination of equities and fixed-income securities that are diversified across asset classes, geography and sectors.

“Fidelity Managed Portfolios are differentiated from others in the marketplace because they offer investors a range of global portfolio solutions and include access to unique sectors such as global real estate and currency-neutral global fixed income,” said Darren Farkas, vice-president of product solutions for Fidelity Investments Canada.

All six of the portfolios are offered in both capital class versions within Fidelity’s Capital Structure as well as within Fidelity’s tax-efficient systematic withdrawal plan, the company says. The portfolios will be managed by Fidelity’s asset allocation team, led by co-portfolio managers Mark A. Friebel and Mariana Egan.

Fidelity Managed Portfolios are a single-ticket solution with a $25,000 minimum investment required for all portfolios. They will be available on April 18, 2007.

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Advisor’s Edge article nominated for CAJ award

(April 12, 2007) An article that appeared in Advisor’s Edge and Canadian Business has been nominated for a Canadian Association of Journalists award in the best investigative magazine journalism category.

“The Defiant One” by former Advisor.ca editor Doug Watt and Canadian Business senior writer Matthew McClearn ran in the November 2006 issue of Advisor’s Edge.

The article recounted the tale of embattled Saskatchewan-based advisor Brian Mallard and can be read here.

The CAJ winners will be announced on May 26, 2007.

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