Industry

Decorative pattern

GrowthWorks to buy Mavrix

Mavrix Fund Management has announced the signing of a letter of intent to sell itself to a subsidiary of GrowthWorks, at a price of 25 cents per share. The price represents a 15% premium over recent closing values. “We are looking forward to the prospect of joining forces with Mavrix to create a larger, stronger […]

By Steven Lamb |May 4, 2009

2 min read

Decorative pattern

Morningstar buys Andex chart creators

Morningstar Research continues to expand with its latest acquisition of Windsor, Ont.-based Andex Associates. It’s the second major purchase for Morningstar in as many weeks, as the firm looks to add services that reflect greater usage of non-mutual fund products by advisors. When it comes to mutual fund intelligence, Morningstar is by far the industry […]

By Mark Noble |May 4, 2009

3 min read

Decorative pattern

Briefly:

Independent financial advisors have benefited from growing investor distrust toward the banks, according to the International Forum of the Convention of Independent Financial Advisors (CIFA). David Bennett, chief executive of the Association of Private Client Investment Managers and Stockbrokers (APCIMS) in London, confirmed a 10% to 25% increase in assets under management among members. “The […]

By Staff |May 4, 2009

3 min read

Decorative pattern

April showers bring returns: Morningstar

Those investors who have kept a resolve not to sell out of their mutual funds are seeing some reward. For the second month in a row, investment funds brought strong returns, according to preliminary performance data released by Morningstar Canada. The rally, which began in March, extended through much of April. As in March, 20 […]

By Mark Noble |May 4, 2009

2 min read

Decorative pattern

Fund sales sluggish in hot market

The Canadian mutual fund industry saw assets under management grow by a healthy $20 billion in April, but almost all of that was due to market affect, rather than new inflows, according to preliminary sales data from the Investment Funds Institute of Canada (IFIC). Net sales totaled between $257.9 million and $757.9 million for the […]

By Steven Lamb |May 4, 2009

2 min read

Decorative pattern

Briefly:

Due to the historically low short-term interest rates, Fidelity Investments will temporarily waive a portion of management fees charged on its money market funds with the goal to maintain a positive yield for investors. However, Fidelity will not be changing the investment approach of these funds to seek higher yields. The reduced fees will apply […]

By Staff |May 1, 2009

3 min read

Decorative pattern

Insurance distributors push for electronic data standards

Paper is bad. That was the simple message insurance product distributors sent to carriers at today’s annual CLIEDIS general meeting. The association is dedicated to the development of a viable electronic data exchange between insurance carriers and distributors. “Our management system has been able to give you all this data for years. You just won’t […]

By Philip Porado |May 1, 2009

4 min read

Decorative pattern

Ravaged by recession, advisors drop licenses

Advisors periodically have to instruct clients to dispose of an unprofitable or troublesome investment. They now face similarly pragmatic decisions on one of their own largest investments — their mutual fund business. Some advisors have recently taken a look at their own “big-picture” and decided to exit the fund business, at least in part because […]

By Al Emid |May 1, 2009

4 min read

Decorative pattern

Why the tenets of investing sometimes fail

The current crisis in the markets demonstrates a need for investment professionals to rethink everything they were taught about the way markets operate, says Andrew Lo, well-known financial theorist and finance professor. At the annual CFA Institute Conference in Orlando, FL, the Harris & Harris Group Professor of Finance at the Sloan School of Management […]

By Mark Noble |April 30, 2009

5 min read

Decorative pattern

Briefly:

WaterStreet Family Wealth Council has been named “Best Family Office Services” in Canada by Euromoney magazine. The prestigious Private Banking Awards cover more than 60 global regions and are voted for by those in the financial services industry. According to Euromoney, WaterStreet’s top ranking for the award indicates the excellence with which it serves families […]

By Staff |April 30, 2009

2 min read

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