News and resources for Canada's top financial advisors
Industry
Between the bear market run on the stock market and the Bernard Madoff Ponzi scheme scandal, the American hedge fund industry has come under heavy pressure. While politicians clamour for more regulation of the industry, the funds themselves are blowing up. Last year, more than 200 hedge funds or fund families either began to liquidate […]
By Staff |March 18, 2009
3 min read
Strolling through a community fair in upper New York State during summer 2006, a Canadian journalist encountered a booth festooned with banners advertising easy availability of mortgages and asked for information. “These are what are known as sub-prime mortgages,” the booth attendant said. “They’re for people who have trouble getting ‘regular’ mortgages.” The journalist remarked […]
By Al Emid |March 17, 2009
4 min read
American housing starts rebounded sharply in February, surprising most analysts with a 22% increase, to a seasonally adjusted annual rate of 583,000. Benjamin Reitzes, economist at BMO Economics, called the increase in multiple-family dwellings “unsustainable” at 82.3%. “Despite the big increase in starts, the average of the first two months of Q1 remains well below […]
By Staff |March 17, 2009
Canada’s mutual fund industry is concerned a proposal to harmonize the province’s sales tax with the federal GST would unfairly punish the industry and investors who use its products. The Ontario Liberal government has openly mused about harmonizating its 8% PST with the 5% GST, which would allow the ailing manufacturing sector and struggling local […]
By Mark Noble |March 16, 2009
Canadians were clearly still spooked in February, investing just under $1.7 billion in mutual funds in February, typically prime time for the industry as investors make last-minute contributions to their RRSPs. Money market funds alone accounted for $1.4 billion. The rather paltry $258.9 million that flowed into long-term funds marked the first time the group […]
By Steven Lamb |March 16, 2009
The securities industry took a hit in the final quarter of 2008, as a massive stock market sell-off swept the sector, according to the latest quarterly report from the Investment Industry Association of Canada (IIAC). Operating revenues fell by 7% in the final three months, while operating profits were beaten down by 46%, to $3.9 […]
2 min read
By now it should come as no surprise that Canadian household net worth was eroded in the second half of 2008. The per capita loss, released by StatsCan, is at $14,000. Household net worth on a per capita basis fell from $179,300 at the end of Q2 to $165,300 by year-end. Between the end of […]
By Staff |March 16, 2009
A new study conducted by a pair of Canadian business professors using the British version of the popular game show Deal or No Deal has found people have a tendency to sacrifice profit for predictability. In the game show Deal or No Deal, hosted in North America by Howie Mandel, contestants randomly pick a briefcase, […]
By Mark Noble |March 13, 2009
5 min read
The IIAC has issued a joint statement with its American counterpart, the Securities Industry and Financial Markets Association, calling for world leaders to resist protectionist temptation and keep the global market for trade and investment open. “Where new regulatory actions are deemed necessary at the national or international level, they should be crafted to guard […]
By Staff |March 13, 2009
VenGrowth Asset Management has announced the sale of its mutual fund operation, Criterion Investments, to First Asset Capital. “Criterion is an innovative company that VenGrowth has nurtured over the past few years and we trust it will blossom within First Asset,” said Mike Cohen, managing general partner of VenGrowth. “This transaction allows VenGrowth to dedicate […]
By Staff |March 12, 2009
1 min read
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