On The Shelf:

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(May 1, 2008) If your client has some U.S. greenbacks lying around, you might consider putting them into RBC’s new American dollar, high-interest online personal savings account.

The new web-based account offers an introductory rate of 1.5% based on current short-term interest rates in the U.S. There’s no minimum monthly balance required, and Canadians get unlimited real-time online transfers to other RBC accounts.

“This online account is designed for people who hold U.S. funds and are looking to earn higher interest on their savings,” says Max Thompson, head, GICs and savings. “The majority of our account holders who have our existing personal U.S. dollar account do not write cheques, so we are pleased to offer an alternative solution that is better suited to their savings needs.”

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Faircourt Asset Management closes fund

(May 1, 2008) Faircourt Asset Management announced Thursday that it’s winding up the Faircourt Income Advantage Class mutual fund.

Charles Taerk, president of Faircourt, says that “not all investments garner the same appeal.” He doesn’t see “appropriate returns or market potential for this specific offering in the marketplace.”

Starting immediately, investors can no longer purchase the fund; it will be wound up around June 30. Existing shareholders can switch their shares of the fund into alternative Faircourt products.

The company says that shareholders can switch, tax-efficiently and at no additional cost, into the Faircourt Global Income Advantage Class mutual fund or the Faircourt Dividend Fund.

Shareholders can alternatively redeem their holdings prior to the termination date.

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CIBC changes sub-advisors

(May 1, 2008) CIBC Asset Management has announced changes to the roster of sub-advisors it uses. The changes includes the appointment of Aletheia Research and Management Inc. to the Renaissance U.S. Equity Growth Fund, and the Frontiers U.S. Equity Pool, replacing BlackRock Investment Management. The change is effective June 1, 2008.

CIBC has also appointed Metropolitan West Capital Management to manage the value component of the Imperial U.S. Equity Pool, replacing Oppenheimer Asset Management and Bristlecone Value Partners. Metropolitan West assumes these responsibilities May 1, 2008.

“CIBC Asset Management is focused on partnering with top portfolio managers to help maximize returns and manage risk for our clients,” said Steve Geist, president of CIBC Asset Management. “We are pleased to have Aletheia Research and Management Inc. and Metropolitan West Capital Management, LLC as part of our product line-up. We are confident their proven investing expertise in the U.S. equity markets will enhance the long-term performance potential for our clients.”

Also effective immediately, CIBC Global Asset Management will take over management of 100% of assets in the Renaissance Canadian Balanced Value Fund, replacing Oppenheimer and Bristlecone.

(05/01/08)