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(May 23, 2007) Western Financial Group Inc. announced Wednesday that it plans to acquire Ubiquity Bank of Canada from Prospera Credit Union. Subject to regulatory review and approval, Western says Ubiquity would be amalgamated with Bank West.

Based in Abbotsford, British Columbia, Ubiquity specializes in personal and commercial term mortgages and loans through a network of intermediaries primarily in Western Canada. Western Financial plans to combine Ubiquity’s loan portfolio with its own Bank West operation.

“Ubiquity Bank’s portfolio is an excellent fit for us,” said Doug Foster, CEO of Bank West. “We have been looking for an acquisition with the same product types as Bank West, which will provide us with additional scale and enhance our profitability.”

The acquisition is expected to close in early fall 2007.

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Inhance trades in the truck for a DVD

(May 23, 2007) In an effort to practise what it preaches, Inhance Mutual Funds says it is eliminating its carbon-heavy roadshow and replacing it with a marketing DVD.

The DVD, entitled Return on Responsibility, features former Canadian astronaut Marc Garneau and investment writer Toby Heaps. It will attempt to educate advisors about Inhance’s corporate philosophy on investment management and how it addresses growing concerns about the environment and climate change.

The DVD will make the case that investors are able to seek healthy returns, while being environmentally and socially responsible.

Inhance says offering the DVD instead of the five-person road show reduces carbon emissions by 63%. To offset the emissions from the DVD’s production, the company has purchased carbon offsets from CarbonZero. The offsets will be used to build wind turbines in Alberta and help low-income families replace incandescent light bulbs with fluorescent ones.

“We are pleased to have such high-calibre individuals join us to create a carbon-friendly and unique way to connect with investment advisors,” says Inhance CEO Kerry Ho. “Not only is the Return on Responsibility DVD an effective way to communicate our message, but our fresh approach lets busy investment advisors view the presentation at their convenience.”

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Portfolio manager leaves Sentry Select/Lazard fund

(May 23, 2007) Ian Smith, a portfolio manager for the Sentry Select Lazard Global Listed Infrastructure Fund, has left to “pursue other interests in the investment management business,” Sentry Select says.

Sentry Select says the fund’s other key players will stay on. Warryn Robertson and John Mulquiney will continue to serve as portfolio managers/analysts on the Global Listed Infrastructure team. They will continue to be assisted by research analysts Bertrand Cliquet and Matt Landy. All four have been involved in the development and management of the strategy since its inception in 2005.

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New series of Dynamic RetirementEdge launched

(May 23, 2007) Goodman & Company Investment Counsel Ltd. has launched a second series of Dynamic RetirementEdge Income Portfolios, an investment solution tailored to the needs of investors approaching or enjoying their retirement years.

The deposit notes aim to give investors the growth potential of equities, a stable income stream, tax efficiencies and systematic asset allocation. As with Series 1, three versions of the notes are available.

Distributions begin immediately for the Current Pay notes at an annual rate of 6.6% of the original deposit amount, adjusted for inflation. The deposit notes mature on July 8, 2022.

The Deferred 5 notes monthly distributions begin in year six, at an annual rate of 6.6% of the higher of the fund portfolio value or original deposit amount, adjusted for inflation. They mature on July 9, 2027.

Deferred 10 notes monthly distributions begin in year 11, at an annual rate of 6.6% of the higher of the fund portfolio value or original deposit amount, adjusted for inflation. They mature on July 9, 2032.

The deposit notes will be available until Friday, July 6, 2007. The deposit notes will be issued by Bank of Montreal on or about July 11, 2007 and are 100% eligible for registered plans.

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(05/23/07)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.