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(July 18, 2007) Manulife Mutual Funds has launched a new pricing model for clients with more than $100,000 invested in a single fund. The “elite pricing series” provides a fixed management fee, reduced fund expenses and a customizable advisor fee.

“With this new pricing structure, advisors can reduce management expense ratios for their mutual fund clients and gain more control over their fee revenue,” says Doug Conick, vice-president, investment funds, for Manulife Investments.

Manulife Mutual Funds will redeem the management fee and customized advisor fee in quarterly increments from the client’s account and will remit the advisor fee to the advisor’s dealership. Fund expenses will remain embedded in the daily unit price. This new series will be effective July 16, 2007.

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MFDA issues decision against two reps

(July 18, 2007) The MFDA has issued a decision against John Quigley, finding he misappropriated approximately $239,000 from six clients between June 2003 and November 2006. He also failed to co-operate with the MFDA’s investigation and did not turn up at his hearing.

The MFDA has hit Quigley with a fine of $240,000 for the misappropriation, and another $50,000 for failure to co-operate. Quigley must also pay $7,500 in costs.

In an unrelated case, the MFDA reached a settlement agreement with Robert Michael Smylski, who was registered in Alberta and British Columbia as a mutual fund salesperson for Partners in Planning Financial Services between December 13, 2001, and March 24, 2005.

Smylski was terminated by his employer when it was learned that he was dealing in securities outside of the firm, with 62 transactions totalling $2,440,640 and another seven sales totalling $172,500 US.

Smylski has been permanently banned from conducting securities transactions and must pay a fine of $5,000.

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CWT hits benchmark for assets

(July 18, 2007) Canadian Western Trust Company has announced it has reached an internal benchmark target for assets under management, hitting $4.0 billion.

“Achieving this milestone underscores the success of our clients and their ongoing recognition of our highly personal service, innovative product solutions and great value,” said Adrian Baker, vice-president and COO of Canadian Western Trust. “We continue to increase our customer base and are working hard to further enhance our position as the preferred trust services provider within our markets.”

(07/18/07)