Briefly:

(July 30, 2007) RBC announced Monday that their former chairman and CEO, Rowland Cardwell, passed away on July 29. Cardwell led the bank from 1980 to 1986.

“Rowland Frazee presided over RBC during one of the more challenging periods of our history, and his leadership was invaluable to our company, our industry and our country,” said Gordon M. Nixon, RBC’s president and CEO.

The 1980s were a tough time for the financial industry — globalization was just taking shape, energy prices plunged and interest rates soared — but Frazee pulled RBC through the rough patches.

He was known as “the banker with a social conscience,” for his philanthropy, and he pushed RBC to focus on corporate social responsibility.

Frazee, who was born in Halifax in 1921, spent his whole career at RBC. He joined the bank in 1939, where he worked at a branch in St. Stephen, New Brunswick with his father. He briefly left the industry to fight in the Second World War, where he participated in the July 1943 allied landings in Sicily. He retired from the army as a Major in 1945.

After the army, he got his Bachelor of Commerce degree from Dalhousie University and then returned to the bank where he eventually served in a variety of senior positions.

Although he retired in 1986, Frazee was still on the board of directors until 1992. In 1991, he was appointed a companion of the Order of Canada.

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Russell Investments introduces new LifePoints portfolios

(July 30, 2007) Russell Investments Canada announced on Monday that they were introducing two new LifePoints distribution class portfolios. The company says the new funds are in response to their clients’ increased need for cash flow options.

The LifePoints Balanced Income Portfolio leans 65% to fixed income and 35% to equities and currently has a 5% target distribution, while the LifePoints Balanced Growth Portfolio has a 40% allocation to fixed income, a 60% allocation to equities and has a 7% target distribution.

The exposure of both funds will be about 33% Canadian equities and the rest foreign secutiries.

“These new LifePoints distribution class portfolios are designed for investors who want to invest for the intermediate to long term and want to receive income from their portfolio,” says Sadiq Adatia, the manager responsible for Russell’s LifePoints portfolios. “Through these new distribution options, Russell offers a well-rounded line-up of portfolios that provide investors with consistent distributions.”

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Richardson Partners teams up with Ellis Wealth Management

(July 30, 2007) Richardson Partners Financial has found a new partner. The company has teamed up Ellis Wealth Management Group to enhance their focus on family wealth planning and customized investment solutions.

Previously Ellis Wealth Management worked with BMO Nesbitt Burns. The team includes William Ellis, Andrew Johnston, Gerald Blackstock, Marianne Shapiro and Steve Wahrer.

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AEGON celebrates fifth birthday

(July 30, 2007) Get out the candles and birthday cake, because AEGON Fund Management is turning five this summer.

After five years, the company has $585.2 million in assets under management. Geraldo Ferreira, the company’s vice-president of investment products, developing and marketing, chalks up the company’s success to the expertise of their advisors.

This year, AEGON also marked the first anniversary of four mutual funds – the imaxx Canadian Balanced Fund, imaxx Canadian Dividend Fund, imaxx Canadian Small Cap Fund and imaxx TOP Income Portfolio.

(07/30/07)