Briefly: “Jarislowsky Fraser launches fund family” and more news

National Bank Securities is launching a new family of low fee mutual funds managed by one of the best-known names in institutional money management.

Montreal-based Jarislowsky Fraser already manages about $44 billion in assets, focusing on stringent fundamental analysis. This discipline will be applied to the new line of funds.

The initial roll-out will consist of three funds: Jarislowsky Fraser Select Canadian Equity Fund, the Jarislowsky Fraser Select Balanced Fund and the Jarislowsky Fraser Select Income Fund.

– Steven Lamb

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Industrial Alliance buys California policies

Industrial Alliance Insurance and Financial Services Inc. has announced the completion of a deal to buy the in-force life policies of California-based Golden State Mutual.

The transaction was carried out through the company’s Scottsdale, Arizona-based subsidiary IA American Life Insurance Company.

The GSM block of business consists of 120,000 life policies with a face amount of close to US$500 million. For the year ended December 31, 2009, total premiums amounted to US$9 million and invested assets were US$70 million.

The acquisition is expected to generate a return on shareholders’ equity consistent with the Industrial Alliance’s target guidance of 12-14%.

– Steven Lamb

(09/03/10)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.