On The Shelf:

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(February 7, 2008) Desjardins Group has announced that it is getting rid of front-end load fees for members when they purchase external funds or Northwest and Ethical Funds through the caisse/branch network in Quebec and Ontario.

Pierre Moran, senior vice-president, consumer markets, at Desjardins, says removing the fees will provide greater portfolio management flexibility.

The removal of load fees means that people won’t have to keep their funds in a specific family of funds to avoid paying redemption fees.

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Scotiabank introduces euro savings account

(February 7, 2008) Many Canadians have American savings accounts, but now your client can put money away for that trip overseas with Scotiabank’s new euro currency savings account.

Gillian Riley, managing director, term deposits and day to day banking, at Scotiabank, says the bank “recognizes the value of offering this account to customers with friends or family in Europe. By offering this account, we are able to meet the needs of our personal banking customers.”

The account includes cash withdrawals and deposits. The euro savings account can be opened by visiting any Scotiabank branch.

Scotiabank’s not the first company to introduce euro accounts — HSBC has been offering them since 1999.

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Novacap closing on two sectoral funds

(February 7, 2008) Novacap revealed Thursday that it is closing on two new sectoral funds, the Novacap Industries III and the Novacap Technologies III.

According to the company, these funds mark the largest private equity initiative ever in Quebec. The funds are part of the Novacap I and Novacap II fund series, which have invested over $300 million in the acquisition and development of over 50 companies.

The mandate for Novacap Industries III will be to acquire majority interests in industrial or consumer product manufacturers and service companies with revenues of $40 million to $300 million.

“We are very proud of having closed this third fund, which attests to how much faith our sponsors have in our team,” says Jean-Pierre Chartrand, president of Novacap Industries. “This capital will enable us to build solid partnerships with other entrepreneurs so they can accelerate the growth of their businesses.

Novacap Technologies III is mandated to acquire major interests in information technology and communication firms with revenues of $10 million to $200 million.

(02/07/08)