Briefly: “Richardson GMP hires L’Esperance” and more news

Richardson GMP has appointed André L’Espérance as director, wealth and estate planning. Based in Montreal, he will expand the firm’s insurance capabilities.

“The addition of André to our in-house wealth and estate planning team signals our commitment to provide our investment advisors with the best-in-class solutions and to maintain our leadership position in serving the needs of high net worth investors,” says Richardson GMP’s CEO Andrew Marsh.

Over the course of his 20 year career, L’Espérance served as legal counsel, strategic planning and branch manager at Manulife Financial, before joining National Bank Financial in 1998 as president of NBF Financial Services.

L’Espérance’s hiring is part of a broader effort by Richardson GMP to build out its holistic planning offering for high net worth clients.

– Steven Lamb

• • •

U.S. manufacturing index plunges

Conditions in New York State’s manufacturing sector have dramatically deteriorated, as the New York Federal Reserve’s Empire State manufacturing index fell to -11.14. The consensus estimate for the closely watch economic indicator was +14.

“This report indicates that New York area manufacturing growth slowed considerably in November after rebounding in October,” said Barclays Capital economist Nicholas Tenev, pointing out that the reading was the lowest since April 2009.

“We note that the gross percentage of respondents reporting a worsening (of conditions) rose to 27.81 in November but remains well below the 40+ levels seen during the recession, indicating that this latest report does not signal a return to contraction but more likely a pause after a bounce in growth in October.”

– Steven Lamb

• • •

Dundee to deregister with SEC

Dundee Corporation says it will to file a Form 15F with the United States Securities and Exchange Commission, voluntarily deregistering its Class A Subordinate Voting Shares.

The company says the benefits of being registered with the SEC did not justify the cost of preparing U.S. filings and meeting regulatory requirements. Dundee expects the termination of its reporting obligations to take effect no later than 90 days after the filing of the Form 15F.

Dundee continues to be a reporting issuer in Canada and maintains a listing for its Class A Subordinate Voting Shares on the Toronto Stock Exchange, which constitutes the primary market for its securities.

– Steven Lamb

• • •

Investors vote to close two Mackenzie Saxon funds

Mackenzie Financial has received investor approval to terminate Mackenzie Saxon U.S. Small Cap Fund and Mackenzie Saxon Global Small Cap Fund.

The funds will make a final distribution of any income and capital gains on or about January 21, 2011. Prior to the termination date, unitholders of the funds may switch into another Mackenzie fund.

– Steven Lamb

(11/15/10)