Industry News

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Alberta hands down spending-heavy budget

The Alberta budget might be entitled “The Right Plan,” but it should have been named “The Spend Plan.” The first budget under provincial Tory leader Ed Stelmach calls for record spending of $37 billion. “It’s a spending budget, admittedly,” Finance Minister Iris Evans told reporters beforehand. Most of the money the government will dole out […]

By Bryan Borzykowski |April 23, 2008

3 min read

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Farmer emerges to join EdgePoint

Farmer is the third high-profile name to depart AIM Trimark in the last year to join EdgePoint. Star managers MacDonald and Bousada had also departed the firm in the last 12 months. In addition, the company has financial backing from Robert Krembil, one of the co-founders and the original chief investment officer of Trimark. Farmer […]

By Mark Noble |April 23, 2008

4 min read

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Briefly:

(April 22, 2008) Patrick Farmer, former AIM Trimark chief investment officer, has resurfaced. He is joining Edgepoint Capital Partners as its chief operating officer and chairman of the board. Farmer is also a shareholder in Cymbria Capital Corp., along with ex-AIM Trimark colleagues Bousada, Geoff MacDonald and Robert Krembil. EdgePoint Capital Partners is a wholly […]

By Staff |April 22, 2008

4 min read

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On The Shelf:

(April 22, 2008) CIBC Asset Management announced Tuesday that it is changing the investment objectives of five of its Renaissance Investments funds. The company also plans to terminate the Renaissance Global Technology Fund, the Renaissance Global Asset Allocation Fund and the Sequence Portfolios. “We believe the changes to the Renaissance Investments product lineup are ideally […]

By Staff |April 22, 2008

1 min read

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Better suitability needed in client relationship model

Having a comprehensive, “know your client” process is a best practice for the majority of advisors, but the Investment Dealers Association–proposed client relationship model, which is currently seeking comment from its members and the industry, is going to make this a rule replete with enforcement. Paul Bourque, senior vice-president of member regulation for the IDA, […]

By Mark Noble and Bryan Borzykowski |April 22, 2008

6 min read

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On The Shelf:

(April 21, 2008) AGF Funds is adding a dedicated emerging markets equities component to the Harmony Overseas Equity Pool, effective May 2, 2008. The target allocation of the pool to emerging markets is set at 10%, with this component of the pool managed by Principal Global Investors. The remaining 90% of assets will continue to […]

By Staff |April 21, 2008

2 min read

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( (April 21, 2008) Canadians bought foreign, while foreigners bought Canada in February, according to Statistics Canada’s latest report on international transactions in securities. Canadians sharply increased their holdings of foreign securities by $6.1 billion in February. While non-residents acquired $3.8 billion worth of Canadian securities over the month, their largest monthly purchase since April […]

By Staff |April 21, 2008

4 min read

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Fair value’s

Fair value requirements are aggravating the credit crisis, as institutions are continually forced to write-down holdings, according to more than half of respondents to a new poll of chartered financial analysts (CFAs) — yet the same poll finds overwhelming support for fair value reporting. Fair value requirements, which are already in place in the U.S. […]

By Mark Noble |April 21, 2008

3 min read

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Fixed income weathers storm: Morningstar

The so-called “smart money” — institutional money — has not fared much better than the rest of the industry. Nearly three out of every four pooled funds in Morningstar Canada’s database lost money during the first quarter of 2008, with the best returns coming from fixed-income funds. It should be noted that the institutional pooled […]

By Mark Noble |April 21, 2008

3 min read

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Credential offers ABCP buyback deal

“Throughout the ABCP liquidity crisis, Credential Securities and our partner credit unions have been working hard to support our clients. We are proud of this joint effort and of securing a solution in the best interests of the vast majority of our ABCP investors.” says Bob Hague, interim CEO of Credential Financial. “Our focus now […]

By Mark Noble |April 18, 2008

3 min read

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