Industry

Decorative pattern

Portus receiver to seek MNPF investors

The receiver in the Portus affair has issued its second report on the Market Neutral Preservation Fund and the related MNB Trust, recommending that both the fund and the trust be wound up. As receiver, KPMG has also asked the court for permission to seek out creditors for these entities. According to KPMG, Portus managers […]

By Steven Lamb |July 12, 2006

2 min read

Decorative pattern

Bank stands pat on rates

The Bank of Canada is taking a breather on interest rate hikes, announcing Tuesday morning that it would hold its trend-setting overnight rate steady at 4.25%. “All factors considered, the Canadian economy is currently judged to be operating just above its production capacity,” the bank said. But it went on to say that 2007 and […]

By Steven Lamb |July 11, 2006

2 min read

Decorative pattern

Briefly:

(July 11, 2006) The MFDA Regulatory Issues Committee has announced it will provide exemptive relief from its commingling prohibition rule to all members that are level 3 and 4 dealers, as long as certain conditions are met. The rule prohibits members from commingling money for mutual fund transactions with money held in trust for the […]

By Staff |July 11, 2006

1 min read

Decorative pattern

Ombudsnetwork fades into history

Quietly and with no official announcement, the board of the Centre for the Financial Services Ombudsnetwork has voted to disband and close up shop. The centre was launched in December 2001, intended to create a single contact or point of entry for consumers and provide direction to the appropriate industry ombudservice for dispute resolution, including […]

By Kate McCaffery |July 11, 2006

3 min read

Decorative pattern

Briefly:

(July 10, 2006) Shares of Standard Life have started trading on the London Stock Exchange, hitting the market at 230 pence. Standard Life is the Scotland-based parent company of Standard Life Canada. “We have seen tremendous support for Standard Life’s IPO. By increasing their investment in the company, members and customers have demonstrated their continuing […]

By Staff |July 10, 2006

3 min read

Decorative pattern

More rate hikes to come?

Analysts are divided over whether Bank of Canada governor David Dodge will announce another interest rate hike on Tuesday. Following the bank’s last announcement in May, all signs suggested that the bank was done hiking rates. Surprise employment and core inflation numbers, however, may well have upset those odds. Economists Marc Levesque of TD Securities, […]

By Kate McCaffery |July 10, 2006

3 min read

Decorative pattern

Manulife to shut down Equinox

Manulife Financial has opted to wind down the operations of Equinox Financial Services, an independent support network for managing general agencies and their advisors. “Although Equinox sales results for 2005 were extremely positive, a number of factors led the [Equinox] board to this conclusion, including their long-term financial projections, management and financial commitment required to […]

By Steven Lamb |July 7, 2006

3 min read

Decorative pattern

Briefly:

(July 7, 2006) The C.D. Howe Institute’s Monetary Policy Council has recommended the Bank of Canada raise interest rates by 25 basis points to 4.5% at its next meeting on July 11. The council of economists and academics was nearly unanimous in its recommendation, with Carleton University’s Nicholas Rowe dissenting by advocating no change to […]

By Staff |July 7, 2006

3 min read

Decorative pattern

Planning for a potential pandemic

Small, privately-held companies are most at risk if an avian flu pandemic or similar disaster ever materializes. But failure at these firms could significantly impact markets by disrupting supply chains and in some cases unravelling contingency plans made by larger companies. A recent Conference Board survey of 553 global companies found that most companies say […]

By Kate McCaffery |July 7, 2006

3 min read

Decorative pattern

Briefly:

(July 6, 2006) One of the world’s largest hedge fund companies is setting up shop in Toronto. Man Investments Canada will focus on private client and institutional investors. The Canadian subsidiary of the British firm will be headed by CEO Toreigh Stuart. The office will have an initial staff of just six professionals, but will […]

By Staff |July 6, 2006

3 min read

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