Briefly: “Morningstar offers premium membership” and more news

Morningstar Research has officially launched a premium membership service on its Morningstar.ca website, drawing the curtain on the free preview of some content that has been available since the site was relaunched in June.

“Morningstar.ca’s Premium Membership service is designed for investors who recognize the value of independent investment research, tools and accurate and complete data across mutual funds, stocks and ETFs,” said Scott Mackenzie, president and CEO of Morningstar Research Inc. “We are committed to helping Canadian investors make better and more informed investing decisions and will continue to enhance the site with the addition of more powerful tools.”

The premium service carries a monthly fee of $24.95 (plus applicable taxes) or an annual membership fee of $249.95. It includes independent research on North American stocks, Canadian mutual funds, segregated funds and exchange-traded funds (ETFs); Morningstar Stewardship Grades for fund firms; advanced stock, fund and ETF screeners; and proprietary investment research tools.

The equity research team covers a universe of about 1,700 North American stocks, while there are analyst reports for more than 300 mutual funds and 395 seg funds and ETFs.

Also behind the login is the Morningstar Stewardship Grade, which compares how well fund companies align their interests with those of fund unitholders.

– Steven Lamb

• • •

Foresters buys U.S. broker-dealer, insurer

Foresters has struck a deal to buy New York-based First Investors Consolidated Corp. (FICC) and its U.S. asset management and life insurance operations.

Those subsidiaries include a registered broker-dealer, a registered investment advisor, a transfer agent and a life insurance company. FICC has roughly 400 home-office employees and more than 700 sales professionals operating out of 46 sales offices in 26 states.

The company has US$6.6 billion in assets under management, offering 27 retail mutual funds, as well as 12 funds that serve as sub-accounts for its portfolio of variable products.

“In FICC, Foresters will be acquiring a successful investment management and life insurance organization with a significant national distribution network that targets the same demographic market as Foresters,” said George Mohacsi, Foresters’ president and CEO. “The acquisition of FICC will allow Foresters to offer a broader array of financial products in the U.S., grow our membership and place us in a stronger position to fulfill our purpose of enriching the lives of our members, their families and their communities.”

The agreement is subject to regulatory approvals on both sides of the border, as well as FICC fund shareholder approval, and is expected to close by Dec. 31, 2010.

– Steven Lamb

• • •

Credential offers donor advised funds

Credential Financial has teamed up with Canada Gives in order to offer its members access to Canada Gives Donor Advised Funds.

“We are pleased to partner with Credential,” says Denise Castonguay, CEO and founder of Canada Gives. “With donor advised funds, Credential members and their families will now be able to personalize their charitable giving and achieve their unique philanthropic goals.”

Canada Gives offers three types of donor Advised Fund Accounts—for individuals, families and corporate donors—as well as Foundation Accounts and Annual Giving Accounts.

“Supporting philanthropic efforts and charitable giving is a hallmark of the co-operative credit union movement, and we are proud to partner with Canada Gives in this worthy endeavour, helping Canadians help those in need,” said Doce Tomic, president and CEO of Credential. “Philanthropy is also good business for credit unions and advisors, as donations into Canada Gives accounts at Credential are irrevocably given, thereby creating long-term loyal assets for the investment professional to manage.”

– Steven Lamb

(09/21/10)