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(September 29, 2006) CIBC is adding a pair of new products to its fund family, in the U.S. equity and international equity categories.

The CIBC Disciplined U.S. Equity Fund and CIBC Disciplined International Equity Fund will provide investors with the opportunity to participate in U.S. and international equity markets with an exceptional degree of discipline and risk management, the bank said in a release.

The funds employ a mathematical model to capitalize on equity market growth while carefully managing risk. “CIBC Asset Management is pleased to offer Canadian investors two new investment options that together allow them to diversify their holdings globally while managing the volatility of their portfolio,” said Steve Geist, president of CIBC Asset Management.

The funds are sub-advised by U.S.-based Enhanced Investment Technologies, LLC (INTECH), whichhas applied its proprietary strategy to achieve above-index returns since 1987.

CIBC also announced that it is offering a premium version of its money market fund. For a minimum investment of $100,000, investors will receive lower management fees and higher yield potential.

In addition to the new funds, the bank is adding the new CIBC Managed Monthly Income Balanced Portfolio to its managed portfolio services program, which is sold primarily through CIBC’s proprietary sales channels.

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Interest rates seen falling in 2007

(September 29, 2006) A weakening economy in central Canada will drive down interest rates to 3.25% by the end of next year, according to CIBC World Markets.

CIBC predicts overall GDP growth of 2.5% in 2007, with wide regional disparities. For instance, resources will keep Alberta strong, but a slowing U.S. economy and the higher loonie will lead to a loss of jobs in Ontario’s manufacturing sector, CIBC’s report states.

“Surging energy and resource prices have pushed the Canadian dollar well beyond the tolerance of much of the Canadian economy,” says CIBC World Markets chief economist Jeff Rubin. “While this has significantly benefited Alberta and other western provinces, it has hurt central Canada. With inflation not a real concern, we expect the Bank of Canada to make as many as four 25 basis-point-rate cuts over the next 12 months to try to restrain the loonie and revive a deteriorating central Canadian economy.”

CIBC also predicts that the TSX will set a new record high, above 13,000 points, within the next 12 months. Nearly 40% of the TSX is in interest-sensitive financials, telecoms and utilities, while another third is in energy and base metals.

“While the TSX will have to ride out near-term weakness in the North American economy, Bank of Canada rate cuts will help high-dividend-paying financial stocks, while rising crude and uranium prices will support valuations in much of the energy sector,” notes Rubin.

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Old Age Security rates to rise 0.9%

(September 29, 2006) The basic Old Age Security pension, paid to all Canadians over the age of 65, will rise nearly 1% to $491.93 per month effective October 1.

The Guaranteed Income Supplement (GIS) and Allowance payments, which provide additional benefits to eligible low-income pensioners and their spouses or common-law partners, as well as to eligible survivors, will also increase by 0.9%.

OAS, GIS and Allowance rates are adjusted quarterly to account for inflation.

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Canaccord Capital appoints new director

(September 29, 2006) Canaccord Capital has appointed president and chief operating officer Mark Maybank as a director.

Maybank joined the investment dealer in 2001, and was appointed executive vice-president in 2003, responsible for Canaccord’s research activity.

Before joining Canaccord, Maybank was executive vice-president and director at Itemus, a technology services and software development firm.

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BluMont director resigns

(September 29, 2006) William Train has resigned as a director of BluMont Capital, effective immediately. Train gave no reasons for his decision.

Train was a member of the board’s independent committee, which was created to review and consider a buyout offer from BluMont’s principal shareholder, Integrated Asset Management.

Thomas Simpson, the second member of the committee, will continue reviewing the offer and report to BluMont’s board of directors.

The BluMont board must make a decision on the IAM offer and send its recommendation to shareholders by October 6.

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