Briefly: “Sprott promotes Nuttall to lead manager” and more news

Sprott Asset Management has announced the promotion of Eric Nuttall to the role of lead portfolio manager for Sprott Energy Fund. Eric Sprott will continue to be part of the fund’s portfolio management team, supporting Nuttall in the role of advisor.

“At Sprott Asset Management, we pride ourselves on hiring and developing the best investment talent and Eric Nuttall is a great example of how we develop talent from within our organization,” says Eric Sprott, CEO and CIO of Sprott Asset Management. “Our investors should feel very confident with Eric Nuttall becoming lead portfolio manager on the Fund”

Nuttall joined Sprott Asset Management in February 2003 and in the ensuing seven and a half years has primarily focused on the oil and gas sector. He is credited with selecting many of the top performing stocks in the sector.

– Steven Lamb

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TD Waterhouse streamlines Quebec’s QESI

TD Waterhouse Canada has announced the Québec Education Savings Incentive (QESI) is now available to clients who hold eligible TD Waterhouse Registered Education Savings Plan (RESP) accounts.

The brokerage will automatically apply for the incentive for existing clients with qualified RESP accounts, for eligible contributions made in each year since 2007.

The QESI was introduced by the Québec government in 2007 to help families save for their children’s and grandchildren’s post-secondary education. It is a refundable tax credit that will be paid directly into RESPs on an annual basis.

– Steven Lamb

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Sun Life names Glynn to board

Sun Life Financial has named Martin J. G. Glynn to the board of directors, effective December 7, 2010.

Glynn spent his career in progressively senior executive positions with HSBC Bank in Canada and the United States, before retiring as CEO of HSBC Bank USA in 2006.

He also serves on the boards of Hathor Exploration Limited, Husky Energy Inc., MF Global Holdings Ltd. and VinaCapital Vietnam Opportunity Fund Ltd.

– Steven Lamb

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RBC buys Hong Kong wealth manager

Royal Bank of Canada has bought the wealth management business of Fortis Wealth Management Hong Kong Limited, which consists of about 50 client-facing professionals. The deal is part of RBC Wealth Management’s overall strategy of focusing on emerging, high growth markets such as Asia.

“The acquisition of Fortis Wealth Management Hong Kong Limited’s staff and client book reflects RBC Wealth Management’s commitment to enhancing our operations in Asia, both organically and through acquisition,” said Frank Mu, CEO of RBC Wealth Management, Asia. “We will be looking to hire a number of client-facing professionals over the coming months to support our growing franchise.”

RBC now employs about 550 people in the Asia-Pacific region across its Wealth Management and Capital Markets businesses, including offices in Hong Kong, Singapore, Tokyo, Brunei, Beijing and Sydney.

– Steven Lamb

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Scotia Capital boosts European presence

Scotia Capital has expanded its global fixed income rates platform with a new operation in London. This move comes after the acquisition of Primary Dealer status in Germany and France earlier this year, and in the UK starting November 8, 2010.

“Scotiabank and its fixed income business have fared well through extreme market turbulence in recent years, and we are now well positioned to expand Scotia Capital’s fixed income franchise by developing a long-term, top-tier presence in the European fixed income markets,” said Mike Durland, group head, global capital markets, and co-CEO, Scotia Capital. “Scotiabank has a long history of operating a top fixed income franchise in Canada and the expansion into Europe and other key jurisdictions is a natural extension of its core strength.”

The European expansion boosts Scotia Capital’s distribution capability, while supporting its origination, emerging markets, infrastructure, energy and prime brokerage initiatives.

For clients, this means the development of more automated client interfaces for trade execution and client reporting, such as trade activity, settlement tracking and account opening.

– Steven Lamb

(11/08/10)