Industry

Decorative pattern

It’s time to sell that small MGA

The end is nigh, at least for smaller managing general agencies, as consolidation within the insurance distribution industry appears set to ramp up. Owners might be well advised to sell now while they can, according to the president of one advisory firm. “Smaller MGAs and Associate General Agency (AGAs) are becoming endangered species,” says John […]

By Vikram Barhat |April 29, 2010

3 min read

Decorative pattern

Weinberg back on acquisition trail

After a seven-year hiatus from the acquisition trail, Marty Weinberg is back with a vengeance. The former CEO of Assante Corp. has finalized a deal to acquire Brockhouse Cooper, an investment consulting and securities trading firm based in Montreal. The company, which has operations in 50 countries and advises on more than $300 billion in […]

By Renée Alexander |April 29, 2010

3 min read

Decorative pattern

Briefly:

NexGen Financial has teamed up with Rondeau Capital Inc. to create two new open end mutual fund mandates: the NexGen Turtle Canadian Equity Fund and the NexGen Turtle Canadian Balanced Fund. Rondeau Capital, controlled by Keith Graham, will act as a sub-advisor in regards to the two new NexGen funds. The NexGen Turtle Group of […]

By Staff |April 29, 2010

2 min read

Decorative pattern

No MFDA-style regulation planned, CAILBA told

If the insurance distribution sector is worried it will end up resembling the MFDA channel, the industry has the word of at least one regulator that it will not. “That’s not our intention. That’s not where we are going to go,” says Doug McLean, executive director, insurance department, Financial Institution Commission, a regulatory agency of […]

By Vikram Barhat |April 28, 2010

2 min read

Decorative pattern

Industrial Alliance buys Texas insurer

Industrial Alliance Insurance and Financial Services has struck a deal to buy Texas-based American-Amicable Holding, Inc. for C$145 million in cash. The deal is subject to the regulatory approvals and expected to close in the summer of 2010. “This agreement with American-Amicable is an important milestone in our U.S. growth strategy,” said Yvon Charest, president […]

By Steven Lamb |April 28, 2010

2 min read

Decorative pattern

Briefly:

Desjardins Funds announced today that it has become a signatory to the United Nations’ Principles for Responsible Investment (PRI). The PRI initiative was created through the United Nations Environment Programme Initiative (UNEP FI) and the UN Global Compact in 2006 by a group of investors from 16 different nations with assets under management totaling $3 […]

By Staff |April 28, 2010

3 min read

Decorative pattern

China OKs eight provinces for investment

Eight provincial securities commissions have signed a deal with the China Banking Regulatory Commission (CBRC) in the hopes of encouraging institutional investors from mainland China to explore the Canadian market. The securities commissions for British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia inked the Supervisory Cooperation Arrangement with the CBRC that […]

By Laura Busch |April 27, 2010

2 min read

Decorative pattern

Briefly:

Fidelity Investments has named William J. Henderson as CEO of Fidelity Clearing Canada ULC, part of Fidelity’s U.S.-based clearing business, National Financial. Henderson will officially assume the role once all regulatory prerequisites have been satisfied. He will be based in Toronto, and report to Sanjiv Mirchandani, president of National Financial. “Bill is a recognized and […]

By Staff |April 27, 2010

3 min read

Decorative pattern

Canaccord completes Genuity deal

Canaccord Financial has announced the closing of its purchase of Genuity Capital Markets, after shareholders gave the deal a ringing endorsement on Friday. “We are very pleased that 99.8% of votes cast were in support of Canaccord’s acquisition of Genuity,” says Paul Reynolds, CEO and president of Canaccord. “This acquisition is a significant milestone in […]

By Vikram Barhat |April 26, 2010

2 min read

Decorative pattern

Canadians may be naïve about interest rates

The past decade of relatively cheap — or at times, free — money appears to have had an impact on the mindset of Canadian home buying and retirement plans. The age of ultra-low interest rates is bound to end eventually, though, and many Canadians may be underestimating the impact that shift will have. A study […]

By Steven Lamb |April 26, 2010

3 min read

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