Industry

Decorative pattern

Hyndman calls for criminal crackdown

Doug Hyndman, chair of British Columbia’s Securities Commission, continues to stoke the regulatory fires, calling for stiffer criminal enforcement of white-collar crime rather than publicly aired rhetoric on a single Canadian securities regulator. In a 30-minute speech to a who’s-who of Bay Street, Hyndman emphasized the need for Canadian authorities to take white-collar crime more […]

By Romana King |September 19, 2007

4 min read

Decorative pattern

Northwest, Ethical Funds merge

Desjardins Group will merge its Northwest Mutual Funds with socially responsible fund provider Ethical Funds, which is owned by Canada’s Provincial Credit Union Centrals. Ownership of the combined Northwest Funds and Ethical Funds will be split 50/50 between the Provincial Credit Union Centrals and Desjardins Group. The new firm will have $5.5 billion in assets […]

By Mark Noble |September 19, 2007

2 min read

Decorative pattern

Fundcos ignore investor interests: SIO

Conventional mutual funds — those without an explicit SRI mandate — overwhelmingly vote in line with corporate management, even when it is against the best interests of shareholders, according to a study by the Social Investment Organization. In a report entitled A Survey of Canadian Mutual Funds on Proxy Voting, the SIO found funds voted […]

By Steven Lamb |September 19, 2007

3 min read

Decorative pattern

Dundee sells banking unit to Scotia

In an abrupt about-face, DundeeWealth Inc. announced this morning that it intends to sell its banking unit to Scotiabank, in a combined deal worth $608 million. Under the terms of the agreement, Scotiabank will purchase Dundee Bank for $260 million in cash and acquire 18% of DundeeWealth — 27.3 million shares, priced at $12.76 per […]

By Staff |September 18, 2007

3 min read

Decorative pattern

Briefly:

(September 18, 2007) The U.S. Federal Reserve lowered interest rates for the first time in four years, reducing the benchmark rate by 50 basis points from 5.25% to 4.75%. Economic growth in the U.S. has been minimal as a result of continued problems with credit markets and the U.S. subprime mortgage market. The Fed’s rate […]

By Staff |September 18, 2007

3 min read

Decorative pattern

Ontario politicians agree to…agree

When it comes to the financial services industry, there is surprisingly little difference between the three largest political parties in Ontario. A debate hosted by the Toronto Financial Services Alliance resulted in more personal needling than actual disagreement. All participants praised federal Finance Minister Jim Flaherty’s push for a single, common securities regulator as vital […]

By Steven Lamb |September 18, 2007

2 min read

Decorative pattern

Scotia’s Fred Ketchen celebrates 50 years in the biz

(September 2007) When advisors talk about retirement planning, the general assumption is once a client hits 65, his work days are numbered. Not so for 72-year-old Fred Ketchen who celebrated his 50th anniversary in the financial industry on Tuesday. The Scotia Capital director was feted with a lunchtime bash at the bank’s downtown Toronto office, […]

By Bryan Borzykowski |September 18, 2007

2 min read

Decorative pattern

Goodman call seeks to allay advisor fears

The executive team of Dundee Corporation has moved quickly to allay the concerns of their advisors, holding a conference call in the wake of the announced sale of Dundee Bank to Scotiabank. Dundee president and CEO Ned Goodman, along with board member and heir apparent David Goodman and DundeeWealth executive vice-president David Whyte assured Dundee […]

By Romana King and Mark Noble |September 18, 2007

3 min read

Decorative pattern

Briefly:

(September 17, 2007) Canadians eased off foreign acquisitions in July but still bought $3.6 billion worth of foreign securities, according to StatsCan. That’s down from a record of $13.1 billion in April. Equity investments were the vehicle of choice, accounting for two-thirds of the total. With the Canadian dollar hovering around 94 cents U.S. in […]

By Staff |September 17, 2007

3 min read

Decorative pattern

August fund sales tank: IFIC

Very few specific fund companies had much to cheer about. In fact, only a handful managed to avoid the net redemption trend. Scotia Securities managed to distinguish itself from the rest of the field, as money market redemptions couldn’t undo long-term fund sales of $144 million. The bank-owned manufacturer was able to finish the month […]

By Mark Noble |September 17, 2007

3 min read

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