Briefly: “Gluskin Sheff hires David Rosenberg” and more news

Previously this week: | MON | TUE | WED | THURS |

Gluskin Sheff + Associates has announced the firm has hired David Rosenberg, managing director, chief North American economist of Bank of America and formerly chief North American economist of Merrill Lynch.

He will join Gluskin Sheff as chief economist and strategist in May. He will report to William Webb, deputy chief investment officer.

“We are thrilled to add someone of David’s calibre, strategic ability and global understanding to our team,” said Jeremy Freedman, deputy chief executive officer. “We see this as a terrific marriage of our long-term track record of successfully identifying undervalued individual securities with David’s proven ability to analyze and foresee global trends and opportunities.”

Prior to joining Merrill Lynch, Rosenberg held senior positions at the Bank of Canada, BMO Nesbitt Burns and the Bank of Nova Scotia.

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Mortgage borrowers missing out

Nearly half of Canadian homebuyers may be short-changing themselves when they take out their mortgage by waiting to secure their interest rate until less than 30 days before closing.

A poll by Angus Reid for ING Direct found 40% were leaving it to the last month, while 27% were locking in their mortgage rate with only two months before closing.

Most mortgage lenders will guarantee the rate they offer for between 90 and 120 days. Homebuyers who used the full rate guarantee period of 120 days saved 0.18% on average.

“Securing a rate guarantee, even before you start looking for a new home or your existing mortgage comes up for renewal, is a quick and simple way to save your money on mortgage interest payments over the long term,” says Martin Beaudry, vice-president of lending at ING Direct.

The survey also found that of the 64% of respondents whose mortgages have come up for renewal, 27% let their mortgage automatically renew, missing the chance to renegotiate terms.

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Inhance releases climate analysis

Investors interested in knowing the social and environmental impact of their holdings may want to check out Climate Change Leaders Strength Analysis, a report released by Inhance Investment Management.

The report details the SRI fund company’s analysis of the companies it holds in the Inhance Monthly Income Fund. It examines the companies in five key areas: involvement in emissions trading, low carbon fuel production, risk management, meaningful emission reduction targets and investment in research and development.

“Mainstream financial analysts are starting to recognize that climate change can impact on all of these qualities and is likely to dominate economic performance over the next century,” says Kerry Ho, CEO, Inhance. “When choosing companies, we take a vigilant look at the risks, vulnerabilities, strengths and opportunities. What we are seeking from these investments is income, long-term value and stability.”

The report is available on Inhance’s website.

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National Bank offers new Omega fund

National Bank Securities has launched a new addition to its Omega funds family of investment products: the Omega Global Opportunities Fund.

The fund is sub-advised by TIS Group Inc. and has no geographic or sector limitations. The top-down investment strategy combines fundamental, macroeconomic and technical factors.

(03/24/09)