Industry

Decorative pattern

MFDA rejects Berkshire’s Thow settlement

Berkshire Investment Group continues to be plagued by Ian Thow. The Mutual Fund Dealers Association of Canada has rejected the firm’s settlement proposal that would have established the responsibility, if any, for its former advisor’s multi-million-dollar fraud. The MFDA’s rejection was met by disappointment by Berkshire and its new parent company, Manulife Securities, both of […]

By Mark Noble |October 23, 2007

3 min read

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(October 22, 2007) PEAK Financial Group’s president and CEO, Robert Frances, has been elected chairman of the board of directors of the Investment Funds Institute of Canada. As chairman, Frances will play a leading role in the direction of the Institute by presiding over all directors’ meetings and working closely with IFIC’s president and CEO, […]

By Staff |October 22, 2007

3 min read

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Canadians fail new tax survey

When it comes to taxes, Canadians know that they generally have to fork over at least a few bucks to the government every April. But as for the fine details, most Canucks are in the dark. A new true-or-false survey by Mackenzie Financial asked Canadians 10 tax-related questions. On average, the respondents answered only three […]

By Bryan Borzykowski |October 22, 2007

5 min read

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(October 19, 2007) Canada’s soaring dollar hurt pension funds in the third quarter, according to a survey released by RBC Dexia Investor Services. Within the $340 billion RBC Dexia universe, Canadian pensions lost 0.7% in the quarter ended September 30, 2007, trimming year-to-date growth at just 1.8%. The currency losses offset healthy global equity returns. […]

By Staff |October 19, 2007

3 min read

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Due diligence key to maxing hedge fund potential

Despite the Portus and Norshield debacles, hedge funds can still play an important role in an investor portfolio, provided advisors understand how they work and conduct proper due diligence, hedge fund specialists say. Hedge funds and alternatives produce an absolute return regardless of what happens in the market. This should allow its moderate steady gains […]

By Mark Noble |October 19, 2007

4 min read

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Not so happy anniversary: 20 years since Black Monday

It’s an anniversary many wish they could forget, but 20 years ago today the financial industry was faced with its biggest one day market drop since October 1929. Black Monday, as it’s called now, saw the American markets fall 23% and the TSX drop 11% in a single day. Millions of dollars were lost, and […]

By Bryan Borzykowski |October 19, 2007

4 min read

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(October 18, 2007) On Thursday, the Bank of Canada released its October Monetary Policy Report, which says the economy has been “stronger than projected” and is operating “further above its production potential” than previously expected. Since July, the BoC’s outlook for the U.S. economy has worsened, due to an appreciating Canadian dollar and tight credit […]

By Staff |October 18, 2007

3 min read

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Thow’s misdeeds laid bare in hearing testimony

The sordid testimony of Ian Thow’s multi-million-dollar fraud hearing has been released by the British Columbia Securities Commission. The hearing details paint a picture of an advisor who excelled at earning client trust and abused that trust to commit excessive yet fairly straightforward securities fraud. It’s alleged that Thow, who is reportedly bankrupt and living […]

By Mark Noble |October 18, 2007

5 min read

Decorative pattern

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(October 17, 2007) According to a new poll, Canadians’ interest in investing is waning. The 35th quarterly Manulife Investor Sentiment Index dropped 11 points to +20, after staying near its highest levels since 2001 for the past three quarters. Manulife says concerns over U.S. sub-prime mortgages and softer equity markets contributed to the decline in […]

By Staff |October 17, 2007

4 min read

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BCSC panel finds Ian Thow guilty of fraud

High-living former Berkshire advisor Ian Thow defrauded his clients of millions of dollars, concluded a British Columbia Securities Commission hearing panel. Between January 2003 and May 2005, Thow, working as a mutual fund salesperson for Berkshire in Victoria, took money his clients trusted him to invest and instead spent it on his own lavish lifestyle, […]

By Mark Noble |October 17, 2007

2 min read

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