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(November 29, 2006) Richardson Partners Financial has named Bennett MacInnis, CMA, chief operating officer. Prior to joining the firm, MacInnis was executive vice-president of business process outsourcing at Citigroup Securities and Fund Services Canada.

“We are very pleased to welcome Ben to our firm and offer him our full support as he guides our day-to-day operations,” said Sue Dabarno, president and CEO of Richardson. “I am confident that his knowledge, depth of experience and successful track record in financial services will be invaluable as we continue focusing on delivering institutional power to retail clients and elevating our investment advisors’ practices.”

MacInnis has also served as president and CEO of Merrill Lynch Investment Managers Canada and CAO of Merrill Lynch Canada Inc.

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Mavrix hires Steve Rogers

(November 29, 2006) Mavrix Fund Management has announced the appointment of Steve Rogers as vice-president, portfolio management. In this role, Rogers will assume responsibility for the Mavrix Enterprise Fund.

“We believe the recent slowdown in the North American economy will be followed by a rebound in the U.S. stock market, which is poised to perform more favourably relative to the domestic market,” said Ray Steele, Mavrix CFO and COO. “Having someone of Steve’s calibre lead our U.S. investing highlights our commitment to provide our clients with top advice.”

Rogers takes over the fund from Steele. Perhaps best known as the former manager of AGF American Growth Fund, Rogers started Albireo Asset Management, providing institutional money management services. The Mavrix fund currently holds about $1.5 million, according to Morningstar.ca.

The fund seeks to provide long-term capital growth by investing primarily in equity securities of Canadian and U.S. companies, using a blend of value and growth investment styles, with a bias toward growth.

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Ontario regulates mortgage brokers

(November 29, 2006) The Ontario legislature has passed the Mortgage Brokerages, Lenders and Administrators Act, 2006, which requires individuals and businesses dealing in mortgages to be licensed by FSCO.

“Obtaining a mortgage to buy a home is likely the biggest financial commitment families will make,” said Finance Minister Greg Sorbara. “This legislation protects Ontarians by improving the accountability of the industry, and modernizing financial services regulation to support a new generation of economic growth.”

Brokerages will be required to name a principal broker to oversee the conduct of their office and serve as the chief compliance officer. The drive to professionalize the mortgage brokerage industry has paralleled that of the financial advice industry.

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(11/29/06)