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Industry
(December 5, 2006) The Bank of Canada has held the line on interest rates, leaving the Bank rate unchanged at 4.5% and maintaining a target of 4.25% for the overnight rate. The stability of rate policy indicates that the Bank has not changed its economic outlook for 2007 and 2008, despite slightly weaker than expected […]
By Staff |December 5, 2006
3 min read
Mutual fund wrap programs have been hugely successful over the past few years in Canada, attracting billions in investor dollars. Success among the early providers has led to a proliferation of wrap programs. But is there an easy way to sort through them all and find just the right one for your client? There is […]
By Steven Lamb |December 5, 2006
2 min read
When Jean Chrétien was asked by reporters on the floor of last week’s Liberal convention about the motion to declare the Quebecois a nation, he replied, “I’m for clarity, and I love clarity.” Canada’s SROs feel the same way about compliance. Last week, the staff of Market Regulation Services, the Mutual Fund Dealers Association of […]
By Mark Brown |December 5, 2006
4 min read
(December 4, 2006) The IDA has imposed a fine of $25,000 on Denes Luciano Fransesco Peroni and Robert Paul Joseph Hétu, having found the pair “knowingly engaged in conduct unbecoming and contrary to the public interest.” Both were listed as approved persons with the Sudbury branch of Berkshire Securities Inc. at the time. The IDA […]
By Staff |December 4, 2006
Despite the massive sell-off among income trusts, the mutual fund industry still managed to post “spectacular” gains in November, according to the latest data from Morningstar Canada. All but one of the 42 Morningstar Canada Fund Indices posted positive returns on the month, with Canadian High Income Equity Fund Index being the sole loser in […]
By Steven Lamb |December 4, 2006
The IDA has levied a fine of $750,000 on Canaccord Capital Corporation and co-branch managers Donald Grant Macdonald and Paul Peter DiPasquale. The fine is the result of an admission that the firm failed to properly supervise the activities of John Frederick Pryde, who is no longer with the firm. In the settlement reached with […]
Finance Minister Jim Flaherty’s income trust bombshell appears to have had little effect on the mutual fund industry. IFIC estimates preliminary net sales for November at around $2.3 billion. “This marks the highest November sales since 2001 and the fifth straight month in which net assets have increased,” said Pat Dunwoody, vice-president, member services & […]
1 min read
(December 1, 2006) The board of directors of the Montreal Exchange has decided in favour of listing the exchange’s shares on stock markets, starting in the spring of next year. The board also announced Friday that it will proceed with the listing without an initial public offering. “The board’s decision to list the Montreal Exchange’s […]
By Staff |December 1, 2006
The annual Canadian Investment Awards were handed out in Toronto last night, recognizing the best and brightest in the mutual fund industry. The Morningstar Fund Manager of the Year went to Allan Jacobs of Sceptre Investment Counsel Limited. For the past 16 years, Jacobs has managed the Sceptre Equity Growth Fund, which was named the […]
By Steven Lamb |December 1, 2006
(November 30, 2006) The American subsidiary of Great-West Lifeco says it has purchased $9 billion US in retirement plan assets from U.S. Bank. The agreement includes the transfer of nearly 1,900 daily valuation and balance-forward defined contribution plans, representing approximately 195,000 participants. “This acquisition moves us significantly closer to our goal of becoming one of […]
By Staff |November 30, 2006
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