Briefly: “Seniors risk falls to avoid stigma” and more news

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Canadian seniors are apparently willing to risk injury just to avoid using assistive devices such as walkers, canes and motor scooters, according to a survey by Ipsos-Reid.

The poll found that seven in 10 Canadian aged 70 and over reported some physical limitation that affected their quality of life but that 46% do not use an assistive device. Twenty per cent reported having fallen in the past year, yet 63% of those still do not use a cane or walker.

“In our work with seniors, we’ve observed that they often delay using assistive devices too long, even when it is clear that they need them, because they fear the device will stigmatize them as being old and vulnerable,” says Christine Flegal, research head, B.C. Institute of Technology’s Living Laboratory, which commissioned the survey.

Two-thirds of seniors said using such a device may make them stand out as a target for criminals, even though Statistics Canada says that seniors are the least likely to be targeted for crime.

BCIT’s Living Laboratory was developed in partnership with Simon Fraser University. It is dedicated to applied research and development of environments and products that promote independent living for elderly and disabled populations.

The survey sample was made up of 1,000 Canadian seniors outside Quebec aged 70-plus and was conducted in January 2009. The margin of error is +/- 3.10 percentage points, 19 times out of 20.

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AEGON names head of equities

AEGON Capital Management has announced the appointment of Stephen P. Carlin as senior vice-president and head of equities, effective today.

“We were looking for an equity manager whose approach matched ours,” said Greg Ross, president and CEO of AEGON. “We chose Steve for his growth strategy and sell discipline. His growth-oriented style with a keen eye on downside management is consistent with the philosophy that has seen our assets grow to over $9 billion.”

Carlin is a 25-year industry veteran, with experience in institutional and discretionary investment management. Prior to joining AEGON, he spent nine years with KBSH Capital Management.

At AEGON, Carlin will oversee the firm’s institutional and discretionary equity management and retail investments, including imaxx Canadian Balanced, imaxx Canadian Equity, imaxx Canadian Dividend, imaxx Canadian Fixed Pay and imaxx Canadian Small Cap Funds.

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SEAMARK names new CEO

SEAMARK Asset Management has appointed Brent W. Barrie as chief executive officer, following the resignation of Stuart R. Raftus as director, president and CEO.

Barrie joined SEAMARK in 2001 and had served as chief operating officer since February 2008. In addition to serving on the equity research team, he has overseen the company’s compliance and investor relations functions.

“I would like to thank Stuart for his service to the company over the last three years and wish him all the best in the future,” said chairman Steve Rankin.

Raftus’s departure will result in a one-time hit to the company equal to 51 cents per share, while annual expenses will decline by $1.5 million. Assets are expected to decline by $2 million.

Raftus joined SEAMARK in March 2006, having quit his role as COO of Rockwater Capital. He led the company’s modest recovery after it was dropped by Clarington Funds as a sub-advisor, which some believed would spell the end of SEAMARK.

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Gateway Securities closes doors

An IIROC disciplinary panel has ordered that Gateway Securities be suspended indefinitely and that the firm therefore immediately cease dealing with the public.

The company ceased operations as a securities dealer on March 20, having concluded an agreement with PI Financial Corp. for the acquisition of Gateway’s client accounts. That deal was announced in November 2008.

The IIROC order does not in any way impair the ability of Gateway to deal with its creditors or service providers, or to resolve any client complaints.

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MFDA opens case against Bruce Patrick Schriver

The MFDA has announced it has commenced disciplinary proceedings against Bruce Patrick Schriver, who faces allegations that he borrowed $40,000 from two clients, thereby entering into a conflict of interest.

Schriver’s first appearance in this matter will take place by teleconference before a hearing panel of the MFDA’s Atlantic Regional Council on June 2, 2009.

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MFDA reschedules ASL Direct hearing

The MFDA has rescheduled a disciplinary hearing respecting ASL Direct Inc. and Adrian Samuel Leemhuis, commenced by a notice of hearing dated October 17, 2008.

A hearing to consider a pre-hearing motion brought by Leemhuis was originally slated for April 7, 2009, but has been rescheduled to May 5, 2009.

The panel will convene via teleconference on April 7, 2009, to set a revised schedule for the continuation of the proceeding and to address any other procedural issues.

(03/23/09)