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(May 30, 2007) Lakeview Asset Management has proposed fixed administration fees on several of its funds, promising more predictably costs for investors. The move would bring the firm in line with its corporate parent, CI Financial, which introduced fixed fees for mutual funds and investment pools at CI Investments Inc. and United Financial Corporation in September 2005.

Under the Lakeview proposal, the firm would pick up the tab on operating expenses, aside from “certain taxes, brokerage and borrowing costs and certain new governmental fees.”

At present, operating expenses paid by the funds are variable, with investors left in the dark until their financial statements are released.

Lakeview is also proposing to drop its performance fees altogether on the Lakeview KBSH Large Cap Explorer Fund and Lakeview KBSH Small Cap Explorer Fund.

The firm is also seeking investor approval to change the investment objectives of the Lakeview KBSH Large Cap Explorer Fund and the Lakeview KBSH Equity Income Explorer Fund.

All changes will take effect on or about August 1, 2007, pending approval at special meeting to be held in Toronto on or about July 13, 2007.

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State Street shuffles execs

(May 30, 2007) State Street Global Advisors has announced the appointment of Gregory Chrispin to managing director of its business and operations in Canada. He replaces Carl Bang, who is relocating to Paris to head up the firm’s operations in France and Spain.

Chrispin is a 20-year industry veteran and was most recently SSgA’s chief investment officer in Canada.

“This planned transition in management demonstrates the depth of the talent within SSgA,” said Otello Sturino, COO for SSgA worldwide. “As we focus on executing our strategy for growth and investment excellence, Greg’s investment knowledge, experience and passion for quality will be instrumental in guiding our business in Canada into exciting new opportunities.”

The company also announced the appointment of Peter Lindley as vice-president and head of investments in Canada. Lindley joined SSgA in 2005 and was the head of fixed income trading at Desjardins Securities and the former co-head of global markets for Deutsche Bank Canada.

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Senator calls for single regulator

(May 30, 2007) A bill has been tabled in the Senate calling for the creation of a single nationwide securities regulator. The 221-page private member’s bill would do away with the current system of 13 provincial and territorial securities regulators, but private member’s bill are virtually never passed into law.

“Canada is alone among the industrialized nations in not having a single, national regulator for its securities markets,” said The bill’s sponsor, Senator Jerry Grafstein. “Having one regulator will improve the efficiency and productivity of Canada’s capital markets and will provide Canadian corporations and their investors with the certainty, consistency and protection afforded by a national regulatory framework. And the cost of capital will go down.”

Unfortunately for the bill, securities regulation falls under the purview of the provinces.

Securities regulation has come a long way in the past decade, with the second phase of a passport model slated to be implemented in 2008, which would see all participating regulators accept each other’s approvals and rulings. Ontario, which is calling for a single regulator, is the sole hold-out from the system.

To read Bill S-226, please click here.

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(05/30/07)