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(October 23, 2006) Sun Life Financial has ended speculation on the fate of its U.S.-based investments division, announcing it will hold on to MFS Investment Management. The decision comes in the wake of a review Sun Life embarked upon in September.

“Sun Life remains committed to the asset management business in the U.S. and MFS is a valuable strategic asset,” said Donald A. Stewart, CEO of Sun Life. “Together with the senior management of MFS, we will focus on improving performance and profit margins and expanding [the company’s] global investment and distribution platforms.”

Sun Life will continue to invest in MFS, calling it a strategic asset. Sun Life’s net income from MFS increased by 37% in Q3, to $52 million US, while AUM increased to $175 million US.

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FPSC calls for award nominations

(October 23, 2006) The Financial Standards Planners Council is calling for nominations for the 2007 Donald J. Johnston Award for Outstanding Contribution to the Profession of Financial Planning in Canada.

“By publicly recognizing and celebrating the contribution of others, FPSC hopes to further inspire ongoing outstanding contribution as well as constructive and cooperative efforts among those working to ensure we have a financial planning profession in Canada of which we can be proud, and in which Canadians can place their trust,” says the chair of the 2006/07 FPSC board of directors, Peter Volpé, CFP.

Nominees will be considered for their work and accomplishments in both servicing the profession’s ability to benefit Canadians and their contribution in advancing recognition for financial planning as a profession by regulators, legislators, industry, other professions or the marketplace.

As part of the award, a $10,000 donation will be made in the recipient’s honour to the charity of their choice. Nominations must be made in writing to the FPSC and must be postmarked no later than November 30.

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Users find SEDI confusing, inefficient

(October 23, 2006) The System for Electronic Disclosure by Insiders confused a large number of users, even those who use it on a frequent basis, according to a survey conducted by the CSA.

The study found that 55% of users were filing on their own behalf, and that more than half of them found the system confusing. Even those who file on behalf of insiders, so-called SEDI agents, said the system was awkward and inefficient.

“We acknowledge that while the system does work, there are usability issues, and we are committed to improving the system,” says Jean St-Gelais, CSA Chair. “Our proposed course of action will include either modifications to SEDI or a redevelopment; however, it is too soon in the process to tell which route we’ll take.”

The study comprised two online surveys for registered and public users. These surveys garnered 1,752 responses from registered users and 350 from the public.

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Mackenzie launches income fund of funds

(October 23, 2006) Mackenzie Investments has announced the launch of Mackenzie Sentinel Diversified Income Fund, a fund of funds which will be invested primarily in Canadian and U.S. dividend paying equities, income trusts, high-yielding corporate bonds and other fixed-income securities.

The new fund’s holdings will include the following: Mackenzie Universal U.S. Dividend Income Fund; Mackenzie Maxxum Dividend Growth Fund; Mackenzie Sentinel Corporate Bond Fund; Mackenzie Sentinel Income Trust Fund; and Keystone Elliott & Page High Income Fund.

The fund is designed to provide investors with a monthly distribution, initially yielding 5% per annum, based on the NAV per unit of each series at December 31.

“Canadian investors’ need for regular, reliable income remains strong, as does their desire for greater choice in income-generating investment solutions,” said David Feather, president of Mackenzie Financial Services. “This fund of funds gives Canadians the diversification they’re looking for along with access to some of Canada’s best investment managers — [an] all-in-one solution.”

The fund is considered appropriate for investors with low to moderate tolerance for risk.

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RBC launches protected note

(October 23, 2006) RBC Financial Group has issued the RBC IA Clarington Dividend Growth Plus Deposit Notes Series 1 and 2.

These principal-protected notes offer investors exposure to a portfolio of Canadian equities, Canadian income trusts, and potentially bonds. The equity portion of the portfolio will be managed with similar investment objectives to the IA Ecoflex Dividends Fund.

Series 1 notes will provide investors with monthly income equivalent to the dividends and distributions paid by the stocks and trusts held in the portfolio. Series 2 will make payments in the same amount, but in the form of returned capital. The notes are available until December 1, and mature June 9, 2014.

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