Industry

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MGA Symposium: Uniting for survival

To turn a profit from declining margins, MGAs realize they need scale. In the past, the solution most talked about has been acquisition but at this year’s Managing General Agencies Symposium, hosted by ADVISOR Group, it’s another A word that has people talking — alliance. According to a survey conducted on behalf of ADVISOR Group, […]

By Mark Noble |May 29, 2008

4 min read

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On The Shelf: Mavrix proposes investment objective changes

(May 28, 2008) Mavrix Fund Management Inc. is proposing to change the fundamental investment objective of its Canadian Equity series of funds. The investment changes, subject to regulatory approval, will move from the provision of long-term capital growth to a combination of long-term capital growth and income. This is partially because of the proposed merger […]

By Staff |May 28, 2008

1 min read

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By The Book:

(May 28, 2008) The Mutual Fund Dealers Association today commenced disciplinary proceedings against Leo Alexander O’Brien and David Snow. O’Brien allegedly engaged in excessive trading by processing 166 switches in 22 client accounts without obtaining instructions, approval or authorization from clients. Snow, the branch manager responsible for O’Brien, allegedly failed to supervise O’Brien’s trading activity […]

By Staff |May 28, 2008

1 min read

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Briefly:

(May 28, 2008) TSX Group Inc. has yet to pick a new CEO, despite rumours to the contrary. TSX officials say its governance committee is still undertaking a search and has not reached an agreement with any particular candidate. However, a new CEO is expected to be announced before its June 11 annual meeting. • […]

By Staff |May 28, 2008

2 min read

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IFB Summit: Prepare for tax legislation changes

Canada can be described as a vast and diverse nation with many peaks and valleys. According to Peter Wouters, the same can be said regarding the nation’s tax and estate planning legislation. At the Independent Financial Brokers’ Spring Summit, Wouters, director of tax and estate planning at Empire Life, suggested that agents be prepared for […]

By Romana King |May 28, 2008

6 min read

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Markets continue to weaken: IIAC

The securities industry continued its downward spiral in the first quarter of this year, with total operating revenues falling 9% to $3.9 billion from Q4, and 14% year-over-year, says a new Investments Industry Association of Canada securities industry performance report. Operating profits also dropped, declining 15% from the previous quarter and 37% from the same […]

By Bryan Borzykowski |May 28, 2008

3 min read

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Briefly:

(May 27, 2008) The Independent Financial Brokers of Canada revealed on Tuesday that it has put in place a new errors and omissions insurance program for its members. Plan members can expect enhanced coverage rates that are “equal to or lower than those they have paid in previous years.” The organization says individual broker plans […]

By Staff |May 27, 2008

2 min read

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Brace your clients for higher inflation: Rubin

The rising cost of oil isn’t just hurting drivers’ wallets; it’s harming Canada’s low inflation rate — and your clients’ financial plans — as well. A new CIBC World Markets report says the price of shuffling goods and raw materials around the world has increased dramatically, and that’s driving up inflation. “Exploding transport costs may […]

By Bryan Borzykowski |May 27, 2008

3 min read

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IFB Summit: Compliance pays off

The future is filled with documentation, according to the Mutual Fund Dealers Association. In a presentation at the Independent Financial Brokers’ Spring Summit, Ken Woodard and Ian Strulovitch confirmed that the MFDA would continue to push the practice of documentation. The mention of high-profile cases, such as Portus and the infamous Ian Thow under the […]

By Romana King |May 27, 2008

5 min read

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By The Book: BCSC turfs Liechtenstein-based bank

(May 27, 2008) A British Columbia Securities Commission panel has ordered a European bank that held accounts at 11 B.C. investment dealers to permanently cease trading in any securities or exchange contracts in B.C. The BCSC believes that from November 2006 through August 2007, Hypo Alpe-Adria-Bank AG, based out of Liechtenstein, traded through its accounts […]

By Staff |May 27, 2008

2 min read

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