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(September 6, 2006) TD Asset Management has launched 10 new mutual funds for clients interested in increasing their exposure to global markets.

The new lineup includes three global funds — the TD Global Multi-Cap, Global Value and Global Dividend funds — plus the TD International Equity Growth Fund, TD Corporate Bond Capital Yield Fund, and five U.S. currency neutral funds linked to existing U.S. equity funds. The company will also add additional low-load purchase options for all Advisor and T-Series units of the funds, and new series purchase options on the TD Asian Growth, Japanese Growth, Latin American Growth, Energy and Precious Metals funds and the TD Dividend Income Fund.

“Canadian stocks and mutual funds have enjoyed strong growth over the past three years,” says Timothy Pinnington, president of TD Mutual Funds. “With the introduction of these new products, which provide access to global and international opportunities, now is a good time to think about additional investment options for diversification.

The company says it will cap MERs on the new funds until the end of the year. The new, low-load, Advisor-Series purchase option has front-end commissions of 3% and a four-year redemption schedule, with redemption fees ranging from 3.5% in the first year to 1% in year four.

Standard redemption fees range from 5.5% in the first year to 1.5% in year six. Funds purchased using the standard low-load redemption schedule have early redemption fees of 2% in year one and year two. Front-end commissions are 0-5% negotiable with the client and have a 1% annual trailer fee. Standard deferred and low-load commissions are 5% and 1%, paid by the company, with 0.5% and 1% trailing commissions. Minimum investment is $500 for Advisor Series funds or $5,000 for F-, T- and S-series funds.

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Royal Bank expands U.S. trust business

(September 6, 2006) Royal Bank of Canada has announced that it will acquire American Guaranty & Trust, a Delaware-based personal trust and custody service provider, from National Life Group.

The firm currently administers more than $1.3 billion in trust and investment accounts for more than 1,000 accounts. Terms of the transaction were not disclosed.

“The acquisition of AG&T allows RBC to provide U.S. trust solutions to high-net-worth clients, complementing our well-established international trust capability and rounding out our wealth-management offering in North America and abroad,” says Michael Lagopoulos, president and CEO of RBC Global Private Banking.

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Saxon introduces protected deposit note

(September 6, 2006) Saxon Financial launched a new principal-protected note today, linked to the performance of the Saxon Balanced Fund.

The company says the Bank of Montreal Saxon Balanced Protected Deposit Notes are designed for clients heading into retirement who want a balance between wealth preservation and growth potential.

Leverage gives investors the chance to earn up to 200% of the potential returns from the Saxon Balanced Fund, while the note offers a 100% principal protection guarantee, if held until maturity, in 5.5 years. The deposit notes are scheduled to mature on or around April 26, 2012.

The notes have a maximum all-inclusive fee of 2.45%. Sales commissions, paid out of offering proceeds, are 4.25%. Annual trailing commissions are $0.25 per deposit note. Minimum investment is $2,000.

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Bank of Canada leaves rates unchanged

(September 6, 2006) The Bank of Canada announced Wednesday that it will leave its policy target rate at 4.25%. Since its July Monetary Policy Report Update, the central bank says U.S. economic growth has moderated somewhat, but the global economy has continued on a path of solid expansion.

In Canada, commodity prices have remained firm, but the level of economic activity came in slightly below the bank’s expectations, primarily because of weaker exports, while July’s total and core CPI inflation numbers came in higher than expected.

“All things considered, the underlying trends in the Canadian economy appear to be in line with the broad thrust of the bank’s July projection in terms of output and inflation,” central bank officials, adding that risks to the outlook overall — momentum in household spending and housing prices and slowing U.S. demand for exports — appear to be roughly balanced. “Looking forward, the bank continues to expect the Canadian economy to operate at about its production potential, with total CPI inflation returning to the 2% inflation target in the second half of 2007.”

Analysts predicted the bank would stand pat on rates, with many forecasting no further changes until next year.

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CIBC offers market neutral hedge fund

(September 6, 2006) CIBC Asset Management has released the CIBC Market Neutral Fund for qualified investors, managed by Switzerland-based Gottex Fund Management.

The fund of hedge funds is designed to earn consistent, positive returns, regardless of whether the markets are heading up or down, using market-neutral trading strategies. The fund is available only through CIBC Wood Gundy and other CIBC affiliates. Minimum investment is $5,000.

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