Industry News

Decorative pattern

Market rally warrants caution: McHugh

The market is in uncharted territory, according to notable quantitative devotee Pat McHugh, vice-president and senior portfolio manager at MFC Global Investment Management. The rally of the S&P/TSX Composite from its March lows has been as unprecedented as the financial crisis that caused it. The quantitative attributes of the best performing stocks is “perverse,” he […]

By Steven Lamb |September 17, 2009

3 min read

Decorative pattern

Manulife retools IncomePlus

The cost of guaranteed income is about to go up, as Manulife shutting down sales of the original version of its guaranteed minimum withdrawal benefit (GMWB) product, effective Oct. 2, 2009. In its place, Manulife is rolling out IncomePlus “version 2” — which will see a 10-basis point increase in fees — effective Oct. 5. […]

By Steven Lamb |September 17, 2009

2 min read

Decorative pattern

Briefly:

Governments are not doing enough to support employer-sponsored defined contribution plans, says Advocis, The Financial Advisors Association of Canada. In a report released today, Advocis concludes that there must be more opportunities for Canadians to participate in pension plans and that can only happen if governments help out. “Only one-third of Canadian employees are in […]

By Staff |September 17, 2009

2 min read

Decorative pattern

Ontario PR threat surprises fund industry

A reported threat by the Ontario government to launch a negative PR campaign on mutual fund fees has surprised mutual fund industry advocates, who have been publicly campaigning to get some sort of exemption from the provinces’ harmonized sales tax (HST) proposal. Whether it has merit or not, a publicly funded PR campaign against mutual […]

By Mark Noble |September 17, 2009

5 min read

Decorative pattern

Managing client risk assumptions

Since the risk tolerance of high-net-worth (HNW) investors has shifted dramatically, private wealth managers are now exploring different ways to present a portfolio to address the risk assumptions of the client. Against a backdrop of angry clients and plummeting net worth, it’s probably fair to say that many high-end investment professionals have started to question […]

By Mark Noble |September 16, 2009

5 min read

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Social media may run afoul of compliance

Despite the growing popularity of social media sites, only 14.9% of financial advisors in the U.S. say they use Twitter to communicate with clients or colleagues, according to a survey by InvestmentNews. That may still too high, in the eyes of William Donegan, chief compliance officer at Scotia Securities Inc. He says the use of […]

By Rayann Huang |September 16, 2009

2 min read

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Briefly:

Unemployment in Canada will reach almost 10% by next year, despite the federal government’s stimulus efforts, according to the Organization for Economic Co-Operation and Development (OECD). The OECD’s annual employment outlook says the recession’s impact on the labour market could be worse than the last recession of the early 1990s. “Even if the unemployment rate […]

By Staff |September 16, 2009

3 min read

Decorative pattern

Charges finally laid in $100 million Ponzi

It’s been no secret for a number of years that two Alberta-based investment boosters, Milowe Brost and Gary Sorenson were probably up to no good. It’s only now, that the RCMP has laid charges against both men, for perpetrating a Ponzi scheme in excess of $100 million, potentially the largest Ponzi scheme in Canadian history. […]

By Mark Noble |September 15, 2009

4 min read

Decorative pattern

Fund investors returning to risk

The mutual fund industry was hit with another month of net redemptions, totaling $462.6 million in August. Investors pulled a net $2.26 billion out of money market funds, but invested a net $1.8 billion in long-term funds. So far this year, net long-term fund sales have totaled $7.8 billion, compared to net redemptions of $1.6 […]

By Steven Lamb |September 15, 2009

2 min read

Decorative pattern

Briefly:

National Bank Financial Group announced today the launch of Private Wealth 1859, a new business unit that caters solely to the needs of affluent clients with investable assets of at least $1 million. Through Private Wealth 1859, high-net-worth clients and their families will have access to an exclusive range of turnkey solutions, including investments, private […]

By Staff |September 15, 2009

3 min read

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