Briefly: “Invesco launches Intactive Portfolios ” and more news

Invesco Trimark has launched Invesco Intactive Portfolios, a dual-stream program that redesigns and rebrands the company’s Dialogue and Retirement Payout Portfolios.

Invesco Intactive Accumulation Portfolios and Invesco Intactive Target Date Portfolios are a full suite of portfolios designed to help investors build, protect and enjoy their wealth, the company says.

The portfolios combine professionally managed mutual funds and index-based strategies through lower cost ETFs. They also include currency hedging

“By bringing together specialized investment capabilities from around the world of Invesco in a single investment solution, we can effectively address the evolving needs of investors,” said Jamie Kingston, senior vice-president of product management and development at Invesco Trimark.

The portfolios seek to provide better protection against inflationary and recessionary markets as well as capitalizing on opportunities in non-inflationary markets.

Strategic and tactical asset allocation responsibilities for Invesco Intactive Portfolios reside with Invesco Advisers, Inc.’s Atlanta-based Global Asset Allocation team.

The Intactive program provides strategic asset allocation to build better portfolios based on complementary investment styles, asset classes and geography. A portion of the Accumulation Portfolios will include tactical asset allocation.

– Steven Lamb

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IIROC elects six board members

Six people have been elected or re-elected to the board of directors of the Investment Industry Regulatory Organization of Canada (IIROC) at the SRO’s annual general meeting.

The six include three industry directors:

‡ Tal Cohen, CEO, Chi-X Global; ‡ M. Marianne Harris, president, corporate and investment banking, Merrill Lynch Canada Inc.; and ‡ Yves Néron, senior vice-president, head of private client services, Valeurs mobileères Desjardins (VMD).

There were also three independent directors named, including:

‡ Daniel Leclair, corporate director;

‡ Gerry Rocchi, CEO, Green Power Action Inc.; and

‡ Grant Vingoe, partner, Arnold & Porter LLP.

Following the AGM, the board re-appointed Doug McGregor as chair.

IIROC’s board of directors is comprised of 15 directors, including the president and CEO, and an equal number of independent and industry directors.

– Steven Lamb

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Citi adds to Calgary global banking team

Citi has announced additions to its western Canadian Global Banking team in Calgary, naming Gordon DeKuyper and Kasey Fukada to lead that division.

“As a leading international bank in Calgary, Western Canada is a key area of focus for our Canadian franchise,” says John Hastings, Citi country officer for Canada. “Working as a team, DeKuyper and Fukada will leverage their unique experience and industry expertise to ensure our clients are able to access Citi’s global reach and its suite of institutional banking services.”

DeKuyper has been named managing director and head of corporate banking for Western Canada. A 15-year veteran in banking and corporate finance, he has spent 10 years dedicated to the oil and gas industry. Most recently, he led Citi’s Asia Pacific power, energy, chemicals and mining corporate banking practice, based in Hong Kong.

Fukada has been named director and head of investment banking for Western Canada. Fukada brings over 15 years of investment banking experience to the role, including more than a decade in the Canadian energy sector. He has previously held positions at TD Securities and RBC Capital Markets, and was most recently an independent strategic advisor.

– Steven Lamb

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BlackRock restructures income ETF

BlackRock Asset Management Canada has announced the conversion of its iShares S&P/TSX Income Trust Fund ETF into the iShares Diversified Monthly Income Fund. It will continue to trade under the ticker ‘XTR’.

The move comes ahead of the January 1, 2011 change to the tax code, which is expected the virtually obliterate the income trust universe. (Click here for background).

The ETF will invest primarily (though not exclusively) in other Canadian iShares ETFs, constructing a diversified portfolio of income-bearing asset classes including, but not limited to, dividend-paying common equities, fixed-income securities (such as corporate bonds and long-maturity vehicles) and property investments, such as real-estate investment trusts.

XTR may also hold other income-bearing investments directly and/or through the use of derivatives.

“The goal here is to ensure investors continue to receive a reliable monthly income stream while still enjoying the benefits they’ve come to associate with iShares ETFs,” said Oliver McMahon, director of product management for iShares ETFs at BlackRock Canada.

– Steven Lamb

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Scotia buys Brazilian bank

Scotiabank is once again expanding its presence in Latin America, with the acquisition of Dresdner Bank Brasil S.A. – Banco Multiplo (DBB), from Commerzbank AG, subject to regulatory approval.

The Sao Paulo-based bank operates as a wholesale bank, and holds a multiple banking license, which enables it to offer a range of banking services. By the time the deal closes, Scotia expects to be the only Canadian bank in Brazil with a multiple banking license. DBB will report through Scotiabank’s wholesale banking division, Scotia Capital.

“This transaction will provide us with an existing wholesale operating platform to accelerate our organic growth strategy in the Brazilian market,” said Steve McDonald, group head, global corporate and investment banking, and co-CEO, Scotia Capital. “Based on our success in the region, we know that our offering in key sectoral areas — including oil and gas, power and mining — will play a dominant role in our growth plans in Latin America’s largest economy.”

At the end of last year, DBB had total assets of about US$400 million and approximately 50 employees.

– Steven Lamb

(09/16/10)