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(November 7, 2006) GMP Capital Trust is expanding into Europe, with the creation of GMP Securities Europe LLP. The firm will serve mid-market firms on London’s Alternative Investment Market and the Official List.

At the same time, GMP has partnered with London brokerage Panmure Gordon & Co. The relationship will provide easier access to the British market for GMP clients, while GMP facilitates access to the Canadian market for Panmure Gordon clients, the companies said in a statement.

“The strength of the European equity markets has substantially increased our clients’ interest in listing in London, making this a natural move for us,” said Kevin Sullivan, CEO of GMP. “We believe we have an excellent partner in Panmure Gordon who has tremendous local knowledge of the market.”

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Brandes seeks changes to small cap mandates

(November 7, 2006) Brandes Investment Partners has proposed changes to the investment objectives for the Brandes U.S. Small Cap Fund and the Brandes Global Small Cap Fund.

Under the proposed changes, portfolio managers would be permitted to invest in issuers with market caps in excess of $1.5 billion at the time of purchase. The change faces a vote by unitholders at a special meeting to be held in Toronto on November 27, 2006. If approved the changes would take effect as of the close of business on the same day.

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CI to revert to corporate structure

(November 7, 2006) CI Financial has announced plans to revert to a corporate structure, timing the move to coincide with the 2011 implementation of the federal government’s tax on income trust distributions.

CI only completed its conversion to the trust structure at the end of June 2006, and is the largest company to have completed the transition before the Halloween announcement.

CEO Bill Holland says the reversion should not be a taxable event and considers the next four year to be a tax holiday for the company. The target date for completing the transition is January 1, 2011.

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Resources to skew 2007 provincial growth

(November 7, 2006) Residents of Ontario and Quebec can expect tough economic times for the next year, while the west should continue to lead the country in growth, according to a quarterly report from the Conference Board of Canada.

Ontario’s full year 2006 real GDP growth rate is expected to come in at just 1.8%, with growth in Quebec reaching just 1.6%. The Conference Board expects only “modest improvements” for 2007.

“The slowdown in the U.S. economy is adding to the woes of the export-oriented manufacturing sector in central Canada,” said Marie-Christine Bernard, Associate Director, Provincial Outlook. “Forestry, furniture and auto industries will feel the effects of a slipping U.S. housing market and weakening consumer spending.”

Despite a struggling export sector, Ontario’s and Quebec’s domestic economies should see “solid gains” in real disposable income along with increased business investment.

Resource-based economies will continue to thrive, with Alberta expected to see growth of 5% next year, while B.C. may see a “modest deceleration” from the 3.9% growth it will post this year.

Manitoba should finish 2006 with growth of 3.3%, while Saskatchewan will only post 1.6% growth, according to the report.

Down east, Newfoundland and Labrador is expected to post the fastest growth rate next year, at 5.7%, as activity resumes at Voisey’s Bay and the Terra Nova offshore oil field.

New Brunswick could get a boost from announced plans to build a new oil refinery, and should see growth of 2.4% in 2007. Nova Scotia and Prince Edward Island could see growth hit by slowing construction, with rates of 2.1% and 1.5% predicted, respectively.

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