Industry News

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Sun Life Financial has agreed to buy Lincoln National’s U.K. insurance unit for approximately £195 million (C$359 million), a move that will boost the Canadian insurer’s U.K. assets under management by 60%. The deal is expected to close in the third quarter and will double Sun Life’s U.K. policies to 1.1 million. “Sun Life is […]

By Staff |June 15, 2009

3 min read

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Mutual funds regain luster: IFIC

Mutual fund sales in May came in at the high end of the Investment Funds Institute of Canada’s preliminary estimate of between $497 million and $997 million, with actual net sales totaling $939.2 million. Among the companies that report sales data to IFIC, the industry saw $1.93 billion in long-term fund sales, which were partially […]

By Kanupriya Vashisht |June 15, 2009

3 min read

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BlackRock in $13.5 billion Barclays deal

BlackRock Inc. has announced that it will purchase Barclays Global Investors (BGI) in a US$13.5 billion deal to become the world’s largest money manager. BlackRock will pay $6.6 billion in cash and the remainder in stock for Barclays Global Investors, including BGI’s exchange-traded fund iShares. Barclays will retain a 19.9% stake in the combined company, […]

By Jody White |June 12, 2009

1 min read

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Canadian foreign investments tepid: StatsCan

Global credit concerns and uncertainty in financial markets during the second half of 2007 resulted in a marginal year-end increase in Canadian foreign investments — $764.7 billion of foreign securities at the end of 2007, up 3.9% from 2006 but in sharp contrast with the 34.6% increase recorded between 2005 and 2006 — according to […]

By Kanupriya Vashisht |June 12, 2009

2 min read

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The Canadian Securities Administrators (CSA) today published CSA Staff Notice 31-311 which provides guidance for the transition from the existing registration regime to the new registration regime under proposed National Instrument 31-103 Registration Requirements and Exemptions. In an effort to make the transition as smooth and efficient as possible, CSA staff have outlined several items […]

By Staff |June 12, 2009

2 min read

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IIROC issues strong warning on ETFs

Leveraged exchange traded funds (ETFs) are probably not suitable for retail investors, the Investment Industry Regulatory Organization of Canada is warning its dealer members. IIROC is compelled to issue a warning to its dealer members about the risks associated with leveraged ETFs. The wording and examples of the warnings are very similar to warning issued […]

By Mark Noble |June 12, 2009

4 min read

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The recent spate of bad economic news is being blamed for the sharp drop in American consumer confidence for June, according to the most recent results of the RBC CASH (Consumer Attitudes and Spending by Household) Index. Led by a noticeable decrease in consumers’ excitement about current economic conditions, the RBC CASH Index stands at […]

By Staff |June 11, 2009

3 min read

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Indexing still outperforms: S&P

A much higher proportion of active mutual fund managers were able outperform their respective benchmarks during the worst of the downturn, but the man in charge of Standard & amp; Poor’s indexing committee says that over time, the odds remain in favour of indexing. David M. Blitzer, S&P’s managing director and chairman of the indexing […]

By Mark Noble |June 11, 2009

5 min read

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Informed investors make better clients

Advisors might feel more empowered when hapless clients let them make all their financial decisions, but the simple fact is: Everyone benefits from more educated consumers. This was the recurring refrain at the Financial Literacy Forum on Wednesday, organized by the Investment Funds Institute of Canada (IFIC), where a panel of regulators and educators discussed […]

By Kanupriya Vashisht |June 11, 2009

2 min read

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Switching to fee? Better plan ahead

If advisors think the timing’s all wrong to transition from a commission practice to charging fees, they should reconsider, according to a panel of advisors who have made the leap. “It will only hurt more once you grow accustomed to a lifestyle associated with a certain revenue stream,” says John De Goey, vice-president with Toronto-based […]

By Deanne Gage |June 11, 2009

4 min read

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