Briefly: “Genuity scoops Scotia team” and more news

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Genuity Capital Markets has hired David Tyerman, formerly with Scotia Capital, along with his equity research team, which covers the auto parts, industrial products and transportation sectors.

The Toronto-based team, which includes Neil Forster and Chris Bowes, started with Genuity today. Tyerman has covered the auto-parts sector since 1997, in addition to other industrial companies.

Forster will be adding to Genuity’s coverage of industrial products and transportation, while Bowes will continue to provide associate support to the team’s coverage universe.

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CSA extends chair, vice-chair terms

The Canadian Securities Administrators have renewed the term of Jean St-Gelais, president and CEO of Quebec’s AMF, as chair of the CSA for one year. He has been in that role since April 2005.

In the same announcement, the CSA also extended the term for vice-chair Don Murray, chair of the Manitoba Securities Commission.

“We’ll continue to focus on our fundamental objectives, which are to provide protection to investors and ensure confidence in Canada’s capital markets,” said Murray. “We’ll remain attentive to current market conditions and public concerns.”

The members also renewed the term of David Wilson, chair of the OSC, as chair of the policy coordination committee for one year until March 31, 2010.

The decision to extend St-Gelais’ and Murray’s terms was made by CSA members at meetings held in Toronto on March 26 and 27, 2009.

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Mavrix trims money market fees

Mavrix Fund Management has announced a temporary fee reduction on its Mavrix Money Market Fund and the Mavrix Multi Series Fund Ltd. – Short Term Income Series.

The move comes as an acknowledgement that money market investors are earning virtually nothing in the low-interest rate environment. While the MER is being reduced, the trailer is not.

“Implementing the fee reduction is in the best interests of the unitholders of our money market funds” said David Balsdon, CCO, secretary-treasurer and vice-president. “We believe it is an important step to ensure continued confidence for both unitholders and their investment advisors.

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AIC streamlines seg funds

AIC Limited and seg fund partner Transamerica Life Canada have announced plans to consolidate a handful of seg funds in an effort to streamline their offering shelf.

On June 19, 2009, assets from five funds will be reallocated into three other funds. The AIC Advantage II Segregated Fund will be merged into the AIC Diversified Canada Segregated Fund.

AIC American Advantage Segregated Fund and AIC Value Segregated Fund will be merged into the AIC American Focused Segregated Fund.

AIC Global Advantage Segregated Fund and AIC World Equity Segregated Fund will be merged into AIC Global Diversified Segregated Fund.

Upon completion of the mergers, AIC Global Diversified Segregated Fund will be renamed AIC Global Premium Dividend Income Segregated Fund.

Policyholders will be notified of these changes in early April 2009.

(03/30/09)