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(August 1, 2007) HUB International Limited has entered into an agreement to acquire the Rigg Group, one of the largest Texas-based insurance brokers.

Rigg’s subsidiaries include Wm. Rigg Co., a retail insurance brokerage; Rigg Insurance Managers Inc., a wholesale insurance brokerage; and Rigg Life Agency, a life and benefits brokerage. Rigg employs approximately 235 people.

HUB says Rigg will become a new regional platform doing business as HUB International Rigg, or “HUB Rigg,” with offices located in Dallas, Fort Worth and Houston. Terms of the transaction were not disclosed.

“We are excited to have Rigg, a company known for its industry expertise and respected leadership, join the HUB family,” says Martin P. Hughes, CEO and chairman of HUB International. “With 112 years of client service, it is no surprise that Rigg is so well established within its local communities. We look forward to building in the Southwest marketplace with this thriving organization and continuing its emphasis on client solutions and growth.”

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Great-West gets cut of Franklin Templeton’s 401(k) business

(August 1, 2007) Great-West Lifeco and its U.S. subsidiary, Great-West Life & Annuity Insurance Company, have come to an agreement to take over Franklin Templeton Investments’ 401(k) recordkeeping business.

Great-West Life & Annuity’s affiliate FASCore has been supporting Franklin Templeton’s recordkeeping business since 2006. The new agreement provides a substantial amount of business for Great-West. It will assume additional servicing and custodial responsibilities for approximately 340 plans, representing about 64,000 participants.

“This agreement reinforces our position as one of the top retirement plan providers in the United States,” said Raymond L. McFeetors, president and chief executive officer of Great-West Lifeco. “It demonstrates our commitment to the corporate retirement plan marketplace, where we’ve earned a reputation as an innovative and growing player.”

The transaction is expected to be completed in the fourth quarter of 2007.

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State Street’s Canadian Active Equity team gets new boss

State Street Global Advisors, the investment management arm of State Street Corporation, has appointed Dawn Jia to head of the Active and Enhanced Equity team for its business in Canada.

Jia joins State Street Global Advisors from Barclays Global Investors in Toronto, where she was a portfolio manager of active Canadian equity strategies. She will report to Peter Lindley, head of investments at SSgA in Canada.

Jia will oversee a team of three portfolio managers and collaborate closely with SSgA’s quantitative research group — the Advanced Research Centre. Jia will oversee research, portfolio management and product development of quantitative active, enhanced and market-neutral strategies for the Canadian market.

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Canadian version of Google Finance launched

(August 1, 2007) Google is launching Google Finance Canada, a Canadian spin on the company’s U.S. financial search engine. The new site will provide Canadian news sources and companies, among other things.

Since the launch of Google Finance (U.S.) in 2006, Google says Canadian web surfers comprise the single largest user outside of the United States. The company thought it was a natural progression then to offer a Canadian version.

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(08/01/07)