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(November 27, 2007) Boaz Manor, co-founder of Portus Alternative Investment Management, appeared in court today only to find out that the trial is delayed until January 21, 2008.

Manor is facing numerous counts of fraud, money laundering and possession of property obtained by crime.

Preliminary hearings, which were supposed to begin today, will now take place in the new year. For more on Portus and Manor, visit Advisor.ca’s Portus Files here.

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RRSP ownership at record levels: IG

(November 27, 2007) A record-breaking 75% of Canadians own RRSPs, an 11% increase over last year, according to the sixth annual RRSP Investment Intentions poll from Investors Group.

It’s the second consecutive year that RRSP ownership has increased by 10 percentage points or more. Of 2,055 Canadians surveyed by the Harris Decima online panel, three-quarters plan to contribute the same as or more to their RRSP portfolios in the 2007 tax year than they did in 2006.

The survey finds RRSP contributions strong across all age groups. Contribution intentions are strongest among respondents 55 years of age and under. Seventy-eight per cent of Canadians aged 25 to 34 plan to contribute the same as or more than they did last year. This number jumps to 82% among 35- to 44-year-olds and to 84% among the 45 to 54 age group.

A fair number of respondents are not planning to enter retirement free of bills. IG says 35% of respondents plan to carry up to $100,000 in debt into retirement. Of those entering retirement in the red, 45% say it will be in the form of credit cards, lines of credit or personal loans, and 28% say it will be for a mortgage on a primary residence.

“A focus on saving while carrying debt may seem contradictory, but it also suggests Canadians are balancing their lifestyles today against their plans for the future,” says Debbie Ammeter, vice-president, advanced financial planning for Investors Group. “Most households carry monthly financial commitments, such as mortgages, car loans, and credit card payments. The challenge is finding the right comfort level in this balancing act.”

The study also finds that one in five non-retired homeowners (19%) plan to use home equity to generate retirement income. Of those hoping to generate income from their home equity, 40% believe their home will contribute between 10% and 30% of their retirement income, and 15% are planning to take on a reverse mortgage.

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Sarbit replaces fixed income manager

(November, 27, 2007) Sarbit Asset Management has hired Thomas F. Ball as executive vice-president and portfolio manager for the company’s two fixed income products.

Ball replaces Nestor Theodorou, who had run Sarbit’s fixed income products since September of 2006 but has left to pursue other opportunities.

In the past, Ball has been responsible for managing pension funds and insurance portfolios with up to $6 billion in assets, most recently with the Manitoba Civil Service Superannuation Board.

“I am thrilled to have on board a seasoned manager whom I have worked with before. Tom brings a wealth of experience in the field of fixed income,” says Larry Sarbit, president and CEO of Sarbit Asset Management. “Fixed income will play a larger and larger role in people’s portfolios as the baby boomers are now hitting the age of retirement. We are extremely fortunate in acquiring someone of Tom’s pedigree to run our existing fixed income funds.”

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Laurentian launches high-yield GICs

(November 27, 2007) Laurentian Bank is launching three new high-yield GICs under the ActionGIC banner.

Laurentian says Income ActionGIC, Blue Chip ActionGIC and Global Growth ActionGIC will differ from traditional GICs in that they offer a higher yield potential, with their performance based on that of the equities they contain. However, as with traditional GICs, the investor’s capital is protected.

The Income ActionGIC will offer a minimum guaranteed return of 12% over five years, in addition to guaranteeing the capital invested. The performance of this investment vehicle is based on a portfolio of securities of major Canadian businesses traded on the Toronto Stock Exchange, plus trust units and obligations. These businesses have a dominant position in various sectors, including finance, consumer products and telecommunications.

The Blue Chip ActionGIC performance is based on a basket of equities of established Canadian companies known for their financial stability, such as Manulife Financial, Rogers Communications and Tim Hortons.

The yield of the Global Growth ActionGIC is based on the performance of a portfolio of multinational equities actively traded in emerging economies, such as the buoyant economies of countries like Brazil, Russia, India and China.

The ActionGICs are eligible for RSPs and RIFFs, and are available as of Tuesday at Laurentian Bank branches and through the Laurentian Bank website.

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DundeeWealth hires Morningstar as research provider

(November 27, 2007) Morningstar Canada has been brought on as a third-party provider of equity research and ratings for DundeeWealth Management’s financial advisors.

Approximately 550 DundeeWealth advisors will have access to Morningstar equity research on approximately 2,000 stocks across 130 industries worldwide.

“Morningstar satisfies the demands of advisors with equity research that delivers an independent perspective, consistent methodology and brand-name recognition,” says Scott Mackenzie, CEO of Morningstar Canada. “Our approach delivers in-depth perspectives to advisors and investors who know Morningstar as a leading independent source for objective investment information. Our analysts speak candidly about the companies they cover and provide analysis based on sound principles.”

Jim McClocklin, executive vice-president and co-head, retail division, for DundeeWealth, says independent research is invaluable in today’s global marketplace.

“Morningstar provides the global independent footprint demanded by our advisors and their clients,” he says.

(11/27/07)