Industry

Decorative pattern

Portus notes

The judge overseeing the bankruptcy of Portus Alternative Asset Management has endorsed the twenty-seventh report of the receiver in the case. Justice Colin Campbell of the Ontario Superior Court of Justice has urged all parties to put the interests of investors first and accelerate the process of liquidating the deposit notes held by Portus’s receiver, […]

By Steven Lamb |April 18, 2008

3 min read

Decorative pattern

Briefly:

(April 17, 2008) Canaccord Capital announced Thursday that its asset-backed commercial paper relief program is now in place. The company lodged $138.3 million worth of letters of credit, issued by Canadian chartered banks, with the Royal Bank of Canada. For details and to read other financial services industry updates, click the “full story” button below. […]

By Staff |April 17, 2008

3 min read

Decorative pattern

Sustainability hits the bottom line: PwC

The greening of corporate finance can no longer be considered a fast fad or temporary trend, advised a panel of accountants and analysts from PricewaterhouseCoopers during a breakfast seminar on sustainability on Thursday. “Corporate social responsibility is now a mainstream paradigm,” said Peter Johnson, director of the sustainable business solutions practice at PricewaterhouseCoopers (PwC) in […]

By Romana King |April 17, 2008

3 min read

Decorative pattern

Portus receiver gets little help from SocGen

The receiver in the bankruptcy of Portus Alternative Asset Management will be in court again on Friday, submitting its 27th report on the failed hedge fund company. In its report, receiver KPMG details its efforts to recover the $529.3 million in assets that Portus invested in 15 notes issued by Société Générale (Canada) (SGC). The […]

By Steven Lamb |April 17, 2008

3 min read

Decorative pattern

Briefly:

(April 16, 2008) Accounting agency Ernst & Young is calling on regulators to allow early adoption of International Financial Reporting Standards. The new accounting standard is currently not slated to come into effect until 2011, but E&Y suggests that the Canadian Securities Administrators allow companies to adopt it as early as January 1, 2009. “Right […]

By Staff |April 16, 2008

2 min read

Decorative pattern

Fee-based accounts a

In the U.S., the controversial fee-based account has dwindled in popularity, but Canada’s still moving full steam ahead with the non-commission advisory model. Just because our financial industry is still promoting the account, however, doesn’t mean we’re not faced with the same problems that derailed the option down south. At Advisor Group’s Compliance Matters Summit […]

By Bryan Borzykowski |April 16, 2008

4 min read

Decorative pattern

Police need power to prosecute economic crime: Wilson

The Ontario Securities Commission is calling on legislators to give police more power to crack down on financial crime. Speaking to an Economic Club of Toronto luncheon on Wednesday, OSC chair David Wilson said, “it’s time to carefully study the idea of giving police some new, but very carefully circumscribed powers to investigate economic crime.” […]

By Bryan Borzykowski |April 16, 2008

2 min read

Decorative pattern

On The Shelf:

(April 15, 2008) DundeeWealth has introduced a new corporate class fund that will be distributed in Europe. The Dynamic Investment Fund has six sub-fund offerings — Dynamic Power Canadian Growth Fund, Dynamic Focus & Resource Fund, Dynamic Precious Metal Funds, Dynamic Power American Growth Fund, Dynamic Global Dividend Value Fund and Dynamic Global Discovery Fund. […]

By Staff |April 15, 2008

1 min read

Decorative pattern

Briefly:

(April 15, 2008) We’ve heard it many times before: defined benefit pension plans are on the decline. But this is partially due to regulations that foster employers’ under-funding of the plans, according to a new report from C.D. Howe Institute. The report, called Lifting the Lid on Pension Funding, notes what’s particularly harmful is the […]

By Staff |April 15, 2008

2 min read

Decorative pattern

Investors buy short-term: IFIC

Canadians are continuing to park their money instead of investing long term. The money market fund buying spree continued in March, according to the latest data from the Investment Funds Institute of Canada (IFIC). In light of the current market volatility, IFIC views the sales results as positive. “Total asset growth in March was $7.7 […]

By Mark Noble |April 15, 2008

3 min read

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