Briefly:

(June 26, 2006) Great-West Lifeco has announced the purchase of several full service-bundled, small and midsize 401(k) plans from MetLife, by its U.S. subsidiary Great-West Life & Annuity Insurance Co. The transaction also includes some defined benefit plan business.

“This acquisition advances our strategy to position Great-West Life & Annuity as a top provider of retirement plans and services in the U.S.,” said Raymond L. McFeetors, president and CEO of Great-West Lifeco. “It gives us a significantly broader presence in our target market, the midsize 401(k) segment, where we’ve already established ourselves as an innovative and growing player.”

The agreement includes nearly 2,600 plans, representing approximately 300,000 participants and US$7.5 billion in retirement plan assets. The transaction is slated to close in the fourth quarter of this year.

MFDA finds against Sandink

(June 26, 2006) The Mutual Fund Dealers Association of Canada has announced the results of its hearing against Shawn Sandink, finding that he misappropriated $34,250 from one of his mutual fund clients between January 1999 and August 2003.

The MFDA has issued a permanent prohibition on Mr. Sandink from engaging in any securities-related business in any capacity, along with a fine of $35,000. He must also pay costs totaling $2,500.

CA group announces new president

(June 26, 2006) The Canadian Institute of Chartered Accountants has announced Kevin J. Dancey as new president and CEO of the group, succeeding David W. Smith. Dancey is the former CEO of PricewaterhouseCoopers Canada.

“This is an exciting time for Canada’s leading accounting profession,” says Dancey. “Canada’s Chartered Accountants (CAs) are working closely with international, national and provincial organizations to enhance the competitiveness of our country by strengthening public trust, accountability, transparency and the efficiency of our capital markets.”

In his new position, Dancey becomes a member of the Global Accounting Alliance, a group which was established earlier this year to promote quality professional services, global membership support, share information and collaborate on important international issues.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.