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(June 11, 2007) A British Columbia Securities Commission panel has overturned a TSX Venture Exchange decision that disqualified a man with a history of criminal convictions from performing investor relations activities.

The TSX-V Exchange had deemed William John Nichols unacceptable to perform investor relations activities on behalf of any Exchange-listed company because he did not disclose his criminal convictions in 1976 for robbery, theft and breaking and entering. However, Nichols did disclose on the form his previous first-degree murder conviction.

The BCSC ruled that Nichols made no attempt to conceal his first-degree murder conviction and promptly provided full information about all of his convictions when the Exchange requested more information.

The BCSC also noted that the Exchange had to take into account Nichols’s release from prison under the “faint hope” clause, the passage of time, evidence of rehabilitation since his conviction for murder and his past work for Exchange-listed companies.

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TSX competitor gets IDA approval

(June 11, 2007) Instinet I-X(SM) Limited has been approved as a member of the Investment Dealers Association of Canada. Instinet recently announced that it will launch ICX(SM), an alternative trading system for equities listed on the TSX, which will begin operation in the final quarter of this year.

“We are confident that the Canadian marketplace is ready for an advanced platform like ICX,” says Tal Cohen, senior vice-president at Instinet. “By enforcing strict price-time priority and supporting a wide array of advanced order types, ICX should help to drive the adoption of algorithmic trading and direct market access strategies in Canada, which are helping to increase liquidity and market efficiency worldwide.”

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AIM Trimark launches three new funds

(June 11, 2007) AIM Trimark Investments has launched two global equity funds: AIM Global First Class and Trimark Global Small Companies Class. The company has also launched Trimark Canadian Bond Private Pool, a bond fund for affluent investors.

The AIM Global First Class will use a defensive approach to global investing, with a particular focus on protecting capital. The fund will be overseen by Glen Hilton, who is also lead manager of AIM Global Value Fund. Hilton will be supported by investment analyst Glen Hayashi.

As its name implies, the Trimark Global Small Companies Class will focus on a concentrated portfolio of small-cap investments from across the world. The fund will be co-managed by Rob Mikalachki and Ted Chisholm. Virginia Au will serve as investment analyst.

The Trimark Canadian Bond Private Pool is designed to provide a tax-efficient way to participate in bond investing in a non-registered plan. AIM Trimark says that unlike typical bond funds, interest income earned from the Private Pool’s underlying holdings will be re-characterized as capital gains for tax purposes, providing the potential for higher after-tax returns.

The Private Pool invests in Series I units of the Trimark Canadian Bond Fund, which is co-managed by Rex Chong, Anthony Imbesi and Alfred Samson and has Gary Lew as investment analyst.

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Mackenzie tweaks the MER on funds

(June 11, 2007) Mackenzie Financial Corporation is proposing to change how it charges operating expenses for its funds, which the company hopes will result in lower expenses and increased fee transparency for investors.

Assuming the proposal is approved by fund investors, Mackenzie says beginning August 1, 2007, it will bear all of the operating expenses of the funds, other than GST and certain specified fund costs, in return for a fixed-rate administration fee calculated as a percentage of each fund’s assets under management.

Mackenzie says the fixed-rate administration fee will range from 0.14% to 0.31% of the fund’s AUM, depending on the fund and its investment objectives. The fee will be 0.14% to 0.20% for money market and fixed income funds, 0.21% to 0.24% for balanced and domestic equity funds, and 0.24% to 0.31% for U.S., global and specialty equity funds.

The new administration fee will be factored into each fund’s management expense ratio, which will also include the fund management fee, GST and other fund costs, expressed as a percentage of the fund’s average net assets for the year.

“We are pleased to continue to provide a quality service to the Mackenzie funds and their investors at competitive and predictable fees,” says Charles R. Sims, CEO of Mackenzie Financial Corporation. “The management expense ratios of all the Mackenzie retail funds will be lower than current published management expense ratios once this proposal is effective,” says Sims.

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AGF launches balanced fund

(June 11, 2007) AGF Funds has announced a new addition to its Harmony lineup of funds. The Harmony Balanced Growth Portfolio will be made up of 60% equities and 40% fixed income.

AGF Funds president Randy Ambrosie says Harmony Balanced Growth will combine long-term growth with the stability of a diversified mix of Canadian and foreign equities and fixed income.

“Harmony has been showing strong and steady growth over the past few years, and we wanted to enhance the value of our offerings within this popular program. Advisors now have even greater flexibility, choice and customization through the Harmony platform for their clients,” Ambrosie says.

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(06/11/07)