Briefly:

(June 5, 2006) Saxon Financial has introduced a new website for advisors, called “Advisor Insight,” and will now offer F-class units for fee-based advisors.

All Saxon funds, with the exception of Saxon Money Market Fund, will be available in the F-class series, Saxon says.

The website provides detailed analysis of Saxon’s value investment philosophy and process, portfolio manager commentaries and articles, and a look at emerging trends, such as alternative investing.

“Saxon is unique in providing the depth of information that is available on Advisor Insight because few can match our 20-year legacy in consistently applying a statistically sound investment process,” said company president Allan Smith.

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Unity Life buys out Prudential’s Canadian business

(June 5, 2006) Unity Life has reached a deal to acquire the remainder of New Jersey-based Prudential Insurance’s Canadian life and health insurance business.

Under the terms of the deal, Unity Life would assume Prudential’s liabilities related to its Canadian intermediate and weekly premium life and Canadian individual health insurance business.

Financial terms were not released, but Unity called the acquisition the largest in its 100-year history.

“Unity Life’s strategy is to focus on developing in targeted specialized niche markets. We have proven capabilities and expertise in servicing this type of business. At the same time, this acquisition continues our focus on maximizing our Canadian market presence,” said Unity Life president Tony Poole.

The acquisition is subject to regulatory approval, and is expected to be completed later this year.

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CRA announces Q3 interest rates

(June 5, 2006) The Canada Revenue Agency has announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations.

The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance Premiums will be 8%. The rate paid on overpayments will be 6% while the rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 4%.

CRA adjusts its interest rates quarterly and the latest ones will be in effect from July 1, 2006, to September 30, 2006.

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Caldwell announces fund change

(June 5, 2006) Caldwell Investment Management is asking unitholders to change the name and investment objectives of the Caldwell America Fund.

A special meeting will be held in early July. If investors approve, the fund’s new name will be the Caldwell Exchange Fund and its investment objectives and strategies will be modified.

The U.S. equity fund has less than $4 million in assets, according to Morningstar Canada, with a three-year return of 2.8% and a five-year return of -7.1%.

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Mortgage broker Cervus seeks financing

(June 5, 2006) Hampered by financial problems, Toronto-based mortgage broker Cervus Financial Group says it is engaged in discussions with a number of parties and has not ruled out a potential takeover.

“Overall, the company’s situation remains difficult and under pressure,” Cervus said in a statement issued Monday. “Origination volumes continue to improve but liquidity is constrained, and work continues to arrange alternative financing arrangements.”

Cervus says it also talking with potential investors about the possibility of going private.

The mortgage broker has formally terminated its credit facilities and banking arrangements, but is working with a bank and a strategic partner in an effort to establish an alternative arrangement that would allow it to continue operations.

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