Industry News

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PEAK buys Promutuel’s advisor business

There’s a big change in the Quebec advisor market, with PEAK Financial Group purchasing the investment and insurance distribution business of Promutuel Capital Financial Services Firm Inc. PEAK, a growing independent mutual fund and insurance dealer will further expand its size by 30%, acquiring $1.5 billion in assets from Promutuel’s mutual fund and life and […]

By Mark Noble |December 8, 2009

2 min read

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Gudefin, Lahr leave Mutual Series

Two star managers have left Franklin Templeton’s Mutual Series Group, joining investment giant PIMCO, based in Newport Beach, California. Anne Gudefin and Charles Lahr were co-managers of the highly rated Mutual Discovery Fund. They join PIMCO as executive vice-presidents and global equities portfolio managers. Gudefin will be based in PIMCO’s London office, while Lahr will […]

By Steven Lamb |December 7, 2009

2 min read

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Briefly:

Corporate pensions were in bad enough shape at the start of 2008, but the market decline that began in the fall has left them in the worst shape in years. A MoneySense magazine study of defined benefit pensions offered by the 100 largest public companies found that, as a group, they were underfunded by $50 […]

By Staff |December 7, 2009

3 min read

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Celebrating Advice: Keeping clients grounded

At 38-years-old, there’s a reason why Sun Life’s Dale Lamb is a member of the prestigious Million Dollar Round Table. He doesn’t shy away from the hard decisions and he isn’t afraid to speak his mind. Sometimes, the truth hurts. Case in point, Lamb had to fire a high-net-worth client recently and did so without […]

By John Powell |December 4, 2009

3 min read

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Briefly:

CI Financial Corp. entered into an agreement in principle with senior management of the capital market operations of Blackmont Capital Inc. to sell that business to a group of employees. Blackmont was sold to Macquarie Group in October, with CI retaining Blackmont’s capital markets operations: These will be transferred to a new wholly owned subsidiary, […]

By Staff |December 4, 2009

3 min read

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Client expenses determine retirement needs

Remember when you first started in the industry and your manager reviewed the importance of having an accurate account of your clients’ monthly and annual expenses? How else could you calculate their retirement income needs with any of precision? If you are like me, you didn’t have quite that experience in your “new advisor training” […]

December 4, 2009

4 min read

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Opinion: Industry must rally investors on HST

The mutual fund industry has fomented against the application of the federal Goods and Services Tax since that levy was introduced in 1991, calling it a tax on savings. But now the introduction of a Harmonized Sales Tax in Ontario, where the vast majority of funds are domiciled, represents an even greater threat to Canadian […]

By Steven Lamb |December 4, 2009

3 min read

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November a golden month for funds

A return of confidence in the markets boosted investment fund returns in November, according to Morningstar Canada. That should come as some relief after a dismal October, when just nine fund groups were on the rise. The top performing fund category was the Precious Metals Equity Fund Index, which benefited from surging gold prices and […]

By Steven Lamb |December 3, 2009

2 min read

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CIAs toast best of the industry

The Canadian Investment Awards were Wednesday night at the Fairmont Royal York, in Toronto. Three firms dominated the night, together picking up 15 of the 32 individual fund awards. Dynamic Mutual Funds was named Advisors’ Choice Fund Company of the Year, and also took home the Advisor Education Award, the IFIC Investors Education Award, and […]

By Steven Lamb |December 3, 2009

2 min read

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Market timing class action may worry clients

A class-action lawsuit against mutual fund companies over market timing activity could stir the pot of investor angst at an inopportune time for advisors. The class, which is seeking certification this week, alleges the companies lapsed on their fiduciary duties to less sophisticated investors by allowing more experienced players to time purchases and sales to […]

By Philip Porado |December 3, 2009

3 min read

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