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(November 23, 2007) The Bay Street rumour mill has kicked into high gear, as speculation swirled Thursday that DundeeWealth could soon receive an offer of $23.00 a share from Power Corporation.

If true, that offer would be almost three dollars higher per share than a takeover offer by CI Financial Income in September. So far, the takeover bid remains a rumour.

Power Corporation already owns IGM Financial, the country’s largest mutual fund company, with subsidiaries that include Investors Group and Mackenzie Financial.

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French banking giant acquires Canadian Wealth Management

(November 23, 2007) Calgary-based private client firm Canadian Wealth Management has been acquired by SG Private Banking, the wealth management arm of the Paris-based Société Générale Group.

CWM Group manages around $650 million, and describes its operations as “built around highly personalized client consultation.”

SG Private Banking says CWM Group is an ideal venue to expand both its Canadian and international presence in the wealth management market. Paul Boeda, founder and chief executive of CWM Group, will continue to develop the local wealth management activities of the business.

CWM believes it will benefit from SG Private Banking’s international expertise, particularly in structured products and alternative investments, allowing it to significantly expand its service offerings and meet the increasingly sophisticated demands of its clients.

Subject to regulatory approval, SG Private Banking is expected to finalize the acquisition of 100% of CWM in January 2008.

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Credit problems can’t stop red-hot commodities

(November 23, 2007) World commodity markets have risen at a torrid pace despite recent troubles in the debt and equity markets, according to TD Economics’ Quarterly Commodity Price Report.

After losing ground in the July/August period, the TD Commodity Price Index in U.S. dollars more than recouped those losses in September and October. Based on figures so far in November, TD estimates that another healthy gain of about 6% is in the cards.

TD says in the majority of areas, upward price momentum has defied the odds, especially during a year when the risks of a housing-led U.S. recession have grown. For example, it was only last fall that the vast majority of 2007 year-end targets for crude oil were running at $60 to $65 US per barrel, a dramatically different environment than the current $100 US per barrel world.

Twelve of 18 commodities tracked are poised to register increases on a December-to-December basis, with the overall index headed for 16% on the year.

Some commodities have taken a licking in 2007. Non-precious metals and minerals, in particular, have been on a roller-coaster ride, with copper and zinc succumbing to significant selling pressure of late. Other prices, such as those for logs and hogs, have sunk to depressed levels as conditions in their specific markets have soured.

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Gentree launches first hedge fund

(November 23, 2007) Gentree Asset Management has announced the launch of Gentree Market Risk Reduction Strategy, the company’s first hedge fund offering.

The fund is being distributed via a private placement offering to Ontario institutions and private clients, and is available on FundServe. The initial offering will be limited to $200 million and is expected to be also available to Quebec, British Columbia and Alberta residents as of January 1, 2008.

Gentree claims the fund is “designed to generate 30&150;40% annual returns,” trading in index options and futures.

“The Gentree fund is structured to shelter all capital gains realized through the trading of investment instruments in the fund portfolio,” says Normand Gauthier, president and CEO of Gentree. “In our distribution class, the initial income is treated as return of principal for tax purposes and is, therefore, not taxable. After the principal is paid out, the distributions or proceeds of share units sold are treated as capital gains.”

(11/23/07)