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(August 21, 2008) The Royal Bank of Canada is offering a helping hand to do-it-yourself investors, introducing model portfolios to its RBC Direct Investing service.

The model portfolios are based on four risk tolerance levels and are constructed by advisors at RBC Asset Management, the RBC Mutual Fund Research Team and RBC Dominion Securities.

“Asset mix recommendations continue to add significant value to investor strategies in building wealth,” said Brenda Vince, president, RBC Asset Management. “Working with our partners in RBC Direct Investing, we can now provide clients with RBC Asset Management’s most up-to-date thinking through the new model portfolios.”

Users are encouraged to browse the portfolios for investment ideas, pick and choose among recommended funds or simply invest in the model portfolio itself.

On top of the expected offerings from RBC, the portfolios also include third-party funds. Where possible, the portfolios take advantage of RBC’s D-class funds, which carry a reduced MER for self-directed investors.

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Creststreet kills Managed Income Fund

(August 21, 2008) Creststreet Mutual Funds Limited has terminated the Creststreet Managed Income Fund. No new purchases will be accepted, and investments in the fund will be redeemed on October 24, 2008.

Creststreet has also sought regulatory approval for an extension for the Creststreet Resource Fund to reduce the value of private investments held by the fund to below 15% of net asset value.

The fund breached the 15% limit on illiquid securities when the mark-to-market value of one private investment increased in May. As of August 15, 2008, illiquid securities compose 23.7% of the fund’s net assets, with Athabasca Oil Sands Corp. making up 18.9%. The initial deadline to decrease its illiquid holdings had been August 20, 2008, but the fund is requesting an additional 90 days.

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Scotia, CI offer PPN

(August 21, 2008) CI Investments has teamed up with Scotiabank once again to offer a new series of principal-protected notes. The Bank of Nova Scotia–CI 2X Deposit Notes, Series 2, will offer 200% exposure to CI’s Signature Income & Growth Fund.

The fund invests primarily in income trusts, preferred shares and dividend-paying common stocks, and is managed by CI’s chief investment officer, Eric Bushell, and James Dutkiewicz of Signature Global Advisors.

The notes have a seven-year term, with fund distributions automatically reinvested into the note structure. The notes are available for sale until September 30, 2008, with a minimum purchase of $5,000.

(08/21/08)