News and resources for Canada's top financial advisors
Industry
There is nothing funny about even higher mutual fund MERs, but MERs are sure to rise next summer. The Harmonized Sales Tax (HST) slated to come into effect in July 2010 in Ontario (where the lion’s share of IFIC member firms are located) will be the cause. I confess that I find the comments from […]
By John De Goey |August 13, 2009
3 min read
Wednesday’s announced sale of AIC Ltd.’s mutual fund business to Manulife came as little surprise to many in the industry, but it has revved up the rumour mill on what consolidation plays could lie ahead in the asset management industry. “It’s the cycle; it will continue,” says Dan Hallett, president of Dan Hallett & Associates […]
By Steven Lamb |August 13, 2009
Manulife Financial has struck a deal to purchase the retail mutual fund business of AIC from Portland Holdings Inc., the private holding company of Michael Lee-Chin. “This is a great fit for Manulife and AIC Limited,” said Paul Rooney, president and CEO of Manulife Canada. “When coupled with Manulife’s solid wealth management services, this agreement […]
By Steven Lamb |August 12, 2009
Asset managers focused on the large cap space posted their best returns in 22 years in the second quarter as Canadian equity markets roared back to life. But the return of the bull made it difficult to beat the overall benchmark, according to the latest Russell Active Manager Report. The median large cap manager earned […]
The Hennessee Hedge Fund Index continued to outperform the S&P 500 in 2009 advancing 3.37% in July to take the index to a positive 15.5% year to date. “Hedge funds underperformed in July, as we would expect, but were able to capture a good portion of the market rally in July,” says Lee Hennessee, managing […]
By Staff |August 12, 2009
2 min read
Manulife’s purchase of AIC highlights just how much has changed in the mutual fund industry in the last decade. According to a couple of analysts, to reverse a near decade-long trend of redemptions will require addressing the new realities of the business. In the late 1990s, AIC’s fund family was a top performer, posting strong […]
By Mark Noble |August 12, 2009
5 min read
Advisor scandals like the alleged one perpetrated by Earl Jones have clients coming in with a battery of questions about their advisor’s credentials. This is an opportunity because the more a client understands what an advisor does, the more likely they will recognize the value of their services. It seems every major consumer newspaper has […]
By Mark Noble |August 11, 2009
BluMont Capital Corporation has completed merging the BluMont Canadian Opportunities Fund and the BluMont Hirsh Long/Short Fund into the BluMont Core Hedge Fund. As a result of the merge, the Canadian Opportunities Fund and the Long/Short Fund were terminated on Aug. 7, 2009. The exchange ratio is based on the net asset value of the […]
By Staff |August 11, 2009
Canada’s venture capital activity continued to fall in the second quarter, according to a report by Canada’s Venture Capital & Private Equity Association (CVCA). The pace of venture activity in the second quarter was down 42%, compared to 34% in the first quarter of 2009. In nominal dollars, 2009 Q2 had the lowest amount of […]
By Rayann Huang |August 11, 2009
Certain parts of the Canadian economy are showing signs of improvement, according to market analysis by reinsurance giant, Swiss Re. Real gross domestic product is expected to decline by 2.4% this year; however, with small and gradual improvements in certain sectors, GDP is expected to rise by 2.1% next year. Assuming oil prices remain in […]
By Staff |August 10, 2009
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