Briefly:

(July 19, 2007) The Investment Dealers Association of Canada has slapped a $30,000 fine on Martin Brunetta, an approved person at the Montreal branch of CIBC World Markets Inc.

In a settlement agreement with the IDA, Brunetta admitted that in January 2004 he failed to use due diligence to remain informed of the essential facts relative to certain foreign clients. Apparently, he never met these clients.

Between January and October 2004, he executed some 50 transactions in client accounts on the instructions of third parties, without any written authorization or ratification had been granted by the clients.

On top of the fine, Brunetta is subject to supervision for six months and must pay $7,000 in costs. He must also return $1,451.32 in commissions and must successfully complete the Conduct and Practices Handbook exam.

Investor sentiment rises: Manulife

(July 19, 2007) Canadians will be keeping a slightly closer eye on their investments in the third quarter, according to the Manulife Investor Sentiment Index, which rose in July to its highest level since 2001.

“Canadians remain generally positive about long-term investing,” said Paul Rooney, president and CEO, Manulife Canada. “The TSX continues near record highs, real estate markets remain active in Canada and the economy remains relatively stable. Interest rates and strength of the Canadian dollar are two factors that haven’t taken much steam from the latest index.”

The survey of 1,001 Canadians found an increased interest investment property, fixed income, stocks and investing in their own home. Interest in holding cash and balanced funds declined.

Scotia names new real estate fund manager

(July 19, 2007) ScotiaMcLeod has named Citigroup Alternative Investments LLC as the new manager of the Pinnacle Global Real Estate Securities Fund, replacing the outgoing manager, AllianceBernstein Canada, Inc. The change is effective October 22, 2007. Citigroup Alternative Investments currently manages over $10 billion US. The Pinnacle Program is a managed asset solution offered exclusively though ScotiaMcLeod, a division of Scotia Capital Inc.

(07/19/07)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.