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(May 26, 2006) The Toronto Financial Services Alliance plans to conduct the first-ever in-depth examination of human resource needs for the city’s financial services sector.

The alliance has engaged Deloitte to complete the study, which will present a supply and demand forecast of the skilled workers needed by the sector over the next five years, and will propose a comprehensive plan to ensure the labour force requirements can be met.

“The financial services industry provides direct employment for more than 200,000 people in Toronto,” says TFSA executive director, Janet Ecker. “Many other highly skilled professionals, such as lawyers, accountants and information and communications technology workers also depend on the financial services industry for their livelihood. It is crucial to ensure that this industry continues to thrive. We can only do that if we have a good understanding of the underlying labour market.”

The study has funding support form the federal Department of Human Resources and Social Development and the City of Toronto’s Economic Development Division. The government of Ontario is also participating in the project.

Deloitte plans to work closely with HR professionals in the industry and with representatives from the area’s post-secondary institutions. Consultants will also draw on Deloitte’s international network to identify trends in other major financials centres that may be relevant to the city. The study is scheduled for completion early next year.

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Gluskin Sheff completes IPO

(May 26, 2006) Gluskin Sheff shares began trading on the Toronto Stock Exchange Friday after the company successfully completed its initial public offering of 7,200,000 subordinate voting shares. The IPO raised more than $133 million for the company.

Underwriters have been given an over-allotment option, exercisable for a 30 day period following the closing, to purchase up to 720,000 additional subordinate voting shares at the IPO price of $18.50 per share. If the over-allotment option is exercised, the company intends to use the net proceeds to facility the growth of its business and for general corporate purposes.

“Going public enhances the future continuity and stability of the company and provides the opportunity for investors to participate with us as we work to build upon our strong long-term track record of investment performance and growth,” says chairman and CEO Gerald Sheff.

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Criterion de-lists trust fund from TSX

(May 26, 2006) Criterion Investments has confirmed that the Criterion Dow Jones-AIG Commodity Index Fund will be de-listed from the Toronto Stock Exchange on May 30.

Earlier this month, Criterion announced that unitholders had approved a special resolution to convert the trust to an open-ended mutual fund trust.

It’s expected the new version of the fund will be fully operational on the FundSERV system by the end of June, at which time the company will issue a press release.

“Once completed, the mutualization will provide unitholders with a number of significant benefits, including improved liquidity, enhanced pricing, risk mitigation through currency protection and potential economies of scale,” said Criterion president Ian McPherson.

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Quebec proposes new rules for derivatives trading

(May 26, 2006) Quebec’s securities regulator has published a comment paper proposing a new regulatory regime for derivatives trading.

The paper, prepared by analysts at the AMF, is intended to solicit and gather comments from industry participants and other interested parties.

The proposals highlight an approach based on a number of general principles that would be enforced through regulation and policy statements.

Over the past few years, trading in derivatives has grown dramatically, especially in Quebec, where the Montreal Exchange has exclusive rights to derivatives until 2009, under the terms of an agreement with the TSX.

Up to now, derivatives have been included under Quebec’s securities regulations. However, financial market developments have prompted the AMF to reconsider its regulation of derivatives. “We want Quebec to be equipped with modern and flexible regulatory instruments that are in step with developments in the sector and take into account market realities in Canada and throughout North America,” says AMF president and CEO Jean St-Gelais.

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Research suggests employers prefer CMA designation

(May 26, 2006) An employer survey conducted by EKOS Research Associations on behalf of the Society of Management Accountants of Canada (CMA Canada) has found that professionals with the CMA designation are the preferred choice nationally for employers hiring for mid to senior level financial management positions.

The survey compared employer preference between the leading financial and management designations, including the CMA designation, Chartered Accountant (CA), Certified General Accountant (CGA) and Masters of Business Administration (MBA).

“There has been a remarkable increase in awareness of the CMA designation over the past two or three years,” says EKOS’ Charles Graves.

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CPPIB to ramp up holdings, staff

(May 26, 2006) The Canada Pension Plan Investment Board is ramping up staff and has hired new external managers. At a press briefing on Thursday, the CPPIB told reporters it will likely increase staff from 170 to about 300 in a year. Plus, the pension plan expects to open offices overseas to look for other investment opportunities.

Donald Raymond, vice-president, public market investments, also said the board has hired two external managers, CB Richard Ellis Group and ING Clarion to manage $150 US and $250 million US, respectively, in real estate investment trust mandates.

In the future, Raymond said he expects to add inflation-linked bond managers as well as allocating funds to emerging markets later in the year. “It’s a natural evolution of the portfolio,” he said.

The CPPIB currently manages about $98 billion. (Filed by Joel Kranc, Benefits Canada)

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