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(July 25, 2007) Jim O’Shaughnessy has amicably parted ways with his former firm, Bear Stearns Asset Management to form O’Shaughnessy Asset Management (OSAM). Bear Stearns will be a minority stakeholder in the new company.

Not wanting to part with one of the biggest names in portfolio management, RBC Asset Management announced it will retain the sub-advisory services of OSAM for the RBC O’Shaughnessy Funds and Private Pools.

“I’m delighted to continue my ten-year partnership with RBC and look forward to continuing to work with RBC in my new capacity as chairman and CEO of OSAM,” O’Shaughnessy says.

The shift from Bear Stearns to OSAM will take place on or about September 30, 2007.

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Fraudulent tax-preparer to serve jail time

(July 25, 2007) A Markham, Ont. tax preparer is off to jail for trying to defraud the Canadian Revenue Agency out of more than $1 million by using forged charitable tax receipts from Toronto area churches.

A CRA investigation determined that Purisima Dy, acting as a tax preparer in Scarborough, Ont., produced falsified income tax returns for 1,190 clients between February 27, 2006, and April 10, 2006.

The CRA says Dy defrauded the Government of Canada of approximately $1,065,922. To support these falsified returns, Dy provided her clients with 1,393 forged charitable donation receipts totaling $3,791,338. Dy also collected more than $800,000 in fees from her clients during this time period.

Dy pleaded guilty to one count of fraud over $5,000 and one count of uttering forged documents in the Ontario Court of Justice in Toronto on Tuesday. She was sentenced to two-years in jail, three years probation, and ordered not to own or operate a tax preparation business.

“Our tax system relies on the honesty of Canadians,” says William V. Baker, commissioner of the CRA. “The CRA is committed to ensuring that everyone pays what they owe.”

Dy’s clients are not off the hook entirely either. The CRA stated that taxpayers who receive a refund to which they are not entitled to will have to pay back all outstanding amounts.

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IG launches global value mandate

(July 25, 2007) The previously announced IG Mackenzie Cundill Global Value Fund has received the necessary regulatory approval and is now available for sale. The mandate will also be available as a class of Investors Group Corporate Class.

The investment portfolios of these two new funds will be managed by the portfolio management team at IG’s corporate cousin Mackenzie Cundill Investment Management Ltd. Under the Cundill value management style, the funds will pursue long-term capital growth by investing primarily in global equity securities.

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Quadrus makes fund changes

(July 25, 2007) Mackenzie Investments has announced that investors have approved a number of changes for two funds distributed exclusively through Quadrus Investment Services.

Investors of Quadrus AIM Canadian Equity Growth Fund have approved a change to the investment objectives that will allow it to invest up to 49% of its assets in foreign securities. This change will be effective on or about July 27, 2007.

In addition, Investors of Quadrus’ Templeton Canadian Equity Growth Fund have approved its merger into Quadrus Sionna Canadian Value Corporate Class. This change will also be effective on or about July 27, 2007.

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(07/25/07)