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(November 21, 2006) RBC Capital Markets has struck a deal to purchase Daniels & Associates, a U.S.-based mergers and acquisitions advisor to the cable, telecom and broadcast industries.

“By combining Daniels’ experience with our proven execution capabilities in high yield, syndicated loans, public equity, private placement and convertibles, we can together add significant value to communications, media and entertainment (CME) companies both domestically and internationally,” said Peter de Vos, head of RBC Capital Markets’ U.S. investment banking.

Daniels & Associates will be renamed RBC Daniels and will retain its current offices in Denver and New York. CEO Brian Deevy remains at the head of the new division and COO Brad Busse will continue as president and COO of the new entity. The deal is expected to close in the first quarter of 2007, subject to regulatory approval.

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E*TRADE offers high-interest account

(November 21, 2006) Discount online brokerage E*TRADE Financial has entered the high-interest savings account market, launching the Cash Optimizer Investment Account. The new savings account is currently offering 4.15% on Canadian-dollar deposits and 4.75% on U.S.-denominated deposits.

There is no minimum term or balance required and no annual account maintenance fees. Customers may also move money, at no charge, between financial institutions in both Canadian and U.S. dollars.

The online brokerage has also added security measures, introducing Canada’s first two-factor customer authentication digital security solution. The Digital Security ID is a small device, used by each participating customer at the time of account log-on, that provides the customer with a unique six-digit code that changes every 60 seconds, impeding unauthorized access to a customer’s accounts.

“Our new high-yield cash investment account and customer security initiatives set a new standard of value for the Canadian consumer and build upon our suite of solutions for the self-directed investor,” said Duncan Hannay, president, E*TRADE Canada Securities Corporation.

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Aussie firm buys Calgary fund dealer

(November 21, 2006) Calgary-based mutual fund dealer Generation Financial Corporation has been bought out by Professional Investment Holdings (Canada) Inc., a subsidiary of Australia’s Professional Investment Services.

As part of the acquisition, the buyers say they plan to invest in both staff and technology. GFC has 105 experienced financial advisors servicing some 16,000 clients, and close to $900 million in assets under administration.

Technology provider Univeris has announced that it has signed the company onto its platform.

“We knew that to be competitive in this marketplace, we needed to invest in the most advanced technology for our advisors,” said Ken Rousselle, president and CEO of Professional Investment Holdings (Canada). “We know that with [Univeris’] experience and the way they partner with their clients to enable best practices, Univeris will help us grow our business.”

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ASC levies $240,000 penalty

(November 21, 2006) The ASC has slapped $240,000 in administrative penalties and costs on 526053 B.C. Ltd., James Nelson McCarney, Brent Gordon Edgson, William Douglas Henderson and Terry Leong.

The ASC has also banned these respondents from the market for 20 years, after finding they had engaged in an illegal distribution of securities and that the company president had made misrepresentations to investors.

“The contraventions of the respondents were serious…. In short, investors were enticed into handing over money — sometimes rather large sums — without benefit of the fundamental protections mandated by Alberta securities laws,” the ASC said in its decision.

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Claymore seeks approval for ETF conversion

(November 21, 2006) Claymore Investments has proposed the restructuring of three closed-end funds into ETFs, including the Canadian Fundamental 100 Income Fund, the Canadian Financial Income Fund and the Canadian Financial Dividend and Income Fund.

The company is also seeking investor approval to merge the latter two funds. Special meetings of unitholders of the funds have been called and will be held on December 21, 2006, to vote on the proposals.

The company says the conversion will improve the transparency of the funds as well as pricing efficiency. Conversion to an ETF would allow Claymore to issue additional units of each fund at NAV without affecting the price of existing units.

Should the fund merger be approved, the Canadian Financial Income Fund would continue, while the Canadian Financial Dividend and Income Fund would be terminated.

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Manulife names fresh execs

(November 21, 2006) Manulife Financial has named Paul Rooney to the position of senior executive vice-president and general manager, Canada. Rooney will assume the role in early 2007, upon the retirement of Bruce Gordon.

Manulife also announced it has named Robert A. Cook as senior executive vice-president and general manager, Asia, effective January 1, 2007, succeeding Vic Apps, who is also retiring.

“I am pleased that the exceptional depth of our management team allows us to make changes of this nature with the full confidence that our business will continue to grow and succeed,” said Manulife president and CEO, Dominic D’Alessandro.

Cook joined Manulife in 1978 and has held management positions in the company’s U.S., Canadian, international and corporate divisions, in areas including strategic planning, product management for insurance and annuities, sales and marketing.

“Asia has been an area of significant growth for Manulife over the years,” Cook said. “I’m excited about the many strong businesses we have there, as well as the opportunity to build on Vic’s success in each of the markets in which we operate.”

The retiring Apps will remain as non-executive chairman of Manulife (International) Limited, the holding company for Manulife’s Asian operations. He will also continue to serve on the boards of Manulife’s other Asian subsidiaries.

Rooney has been with the company since 1986, holding various actuarial positions in the corporate and U.S. divisions prior to joining the Canadian division in 1998 as vice-president and general manager of the affinity markets business.

(11/21/06)