Industry

Decorative pattern

Briefly:

(April 18, 2007) TD Banknorth, the U.S. arm of TD Bank Financial Group, has announced its shareholders have approved its proposed privatization. Upon completion of the transaction, the Maine-based bank will become a wholly owned subsidiary of TDBFG “We’re pleased that TD Banknorth’s minority shareholders voted in favour of this transaction,” said Ed Clark, TD […]

By Staff |April 18, 2007

3 min read

Decorative pattern

Foreigners buy Canadian: StatsCan

Foreign investors made an about-face in February, piling back into Canadian securities after a substantial sell-off in January, according to Statistics Canada’s monthly report on securities trading. Non-residents acquired $4.8 billion worth of Canadian securities, with net sales of equities topping $5.1 billion in February. In fact, StatsCan reports that foreign investment in Canadian stocks […]

By Mark Noble |April 18, 2007

2 min read

Decorative pattern

Erosion of DB plans overstated: Fidelity

Despite dire warnings in the headlines of the end of defined benefit plans in the U.S., a recent survey by Pyramis Global Advisors, the institutional money management arm of Fidelity Investments, finds rumours of their demise to be a bit premature. Most U.S. plan sponsors say they are committed to keeping their plans open to […]

By Mark Brown |April 18, 2007

3 min read

Decorative pattern

Prized veteran team splits for boutique

One of Canada’s biggest names in the advisor industry has pulled up stakes and switched firms, Advisor.ca has learned. Thane Stenner, CIBC Wood Gundy’s top producer in British Columbia, has left the bank and joined GMP Private Client as managing director. Leaving behind the “T. Stenner Group” brand name, Stenner’s entire nine-person team — including […]

April 18, 2007

3 min read

Decorative pattern

Briefly:

(April 17, 2007) BCE responded to the intense speculation over its potential takeover Tuesday, admitting that it is in discussions with prospective suitors who might want to privatize the telecom giant. Stating it’s undertaking a strategic review to enhance shareholder value, BCE says that it’s talking takeover with a consortium of pension funds that consists […]

By Staff |April 17, 2007

3 min read

Decorative pattern

Advisors, regulators take on youth market

The Canadian Securities Administrators recently launched a contest and a range of interactive web content designed to enhance the personal financial awareness of youth. While there is no indication that the youth of today are going to be any less prepared than their parents were in managing wealth, the financial industry and advisors alike recognize […]

By Mark Noble |April 17, 2007

3 min read

Decorative pattern

Briefly:

(April 16, 2007) RBC Asset Management has named the new fund managers who will replace John Varao and Shane Jones, who left the company suddenly last week for positions at Scotia Cassels. Their departure left a large void in the management of some of RBC’s top Canadian equity funds. All of the new managers are […]

By Staff |April 16, 2007

4 min read

Decorative pattern

Bank websites have room to improve: Forrester

Three of Canada’s seven largest banks have received failing grades for their websites, which for many consumers, have become their main point of contact with the financial institutions, according to Forrester Research. National Bank of Canada, Desjardins and the Bank of Montreal all failed to meet the minimum standards of the study, while Scotiabank eked […]

By Mark Brown |April 16, 2007

4 min read

Decorative pattern

Fund flows cap strong first quarter

Mutual fund flows slowed to a more sustainable pace in March, as net new sales totalled $4.6 billion, down from the $7.7 billion pop in February. So far this year, investors have poured $16.4 billion in new money into mutual funds, making it the best-selling first quarter since 1998, in terms of absolute dollar value. […]

By Steven Lamb |April 16, 2007

3 min read

Decorative pattern

Briefly:

(April 13, 2007) BDO Dunwoody LLP and Grant Thornton LLP, two national accounting advisory firms, issued a release on Friday stating they are officially considering a merger. The two firms say over the next several months, representatives from both organizations will assess the merits of a combined organization. The discussions will include BDO, Grant Thornton […]

By Staff |April 13, 2007

4 min read

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