Industry News

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Fund firms celebrate Lipper awards

Champagne, applause and crystal trophies were the order of business Wednesday night, as the mutual fund industry turned out in force for the 2008 Lipper Awards gala in Toronto. Lipper hands out awards within each fund category for the best risk-adjusted returns over a one-year, three-year, five-year and ten-year term. That translates to more than […]

By Steven Lamb |April 3, 2008

2 min read

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Investors seek U.S. bidders for their piece of

Retail investors with their savings frozen in non-bank-sponsored asset-backed commercial paper are considering selling their voting rights for an upcoming restructuring deal to U.S. hedge funds if they can’t secure remuneration from Canadian sponsors. Juroviesky & Ricci, a law firm representing a group of retail investors stuck with ABCP, issued a release on Thursday saying […]

By Mark Noble |April 3, 2008

1 min read

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Scrap Paper: A guide to the ABCP mess

Canada’s financial players were supposed to be safe from the sub-prime lending crisis in the U.S. In the lazy days of mid-August 2007, a Canadian-made version of the sub-prime crisis hit our financial markets to the tune of more than $30 billion in the form of asset-backed commercial paper, or ABCP. ABCP is a short-term […]

By Staff |April 3, 2008

3 min read

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On The Shelf: AGF names new VP, managers

(April 2, 2008) AGF Funds Inc. has named Robert Lyon senior vice-president and portfolio manager of three funds, taking over from AGF veteran Robert Farquharson. Lyon will take over the AGF Canadian Resources Fund, AGF Global Resources Class and AGF Precious Metals Fund, effective April 21, 2008, and pending regulatory approval. “We are delighted to […]

By Staff |April 2, 2008

2 min read

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(April 2, 2008) Independent Financial Brokers of Canada has announced it will offer corporate errors and omissions insurance for life insurance agencies. Corporate E&O insurance is required in some jurisdictions for managing general agencies (MGAs), associate general agencies (AGAs), and personal corporations. Because many insurance agencies are small operations, some have tried to keep costs […]

By Staff |April 2, 2008

2 min read

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Oil stocks offset pinch at the pumps: Rubin

Investors pummeled by poor returns as of late may find a “hidden opportunity” in Canada’s energy sector, according to Jeff Rubin, chief economist at CIBC World Markets. In a report released today, Rubin points out that while the pain of $100 US oil can be felt at the pumps, the high cost of crude hasn’t […]

By Romana King |April 2, 2008

3 min read

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Equity funds pummeled in Q1: Morningstar

Going global proved a treacherous journey in the first quarter of 2008, as foreign stock markets dragged down the returns of mutual funds that invest in foreign equities, according to Morningstar Canada. Cushioning the drop in foreign markets, the Canadian dollar fell steeply against many of the world’s major currencies. While the S&P 500 fell […]

By Steven Lamb |April 2, 2008

2 min read

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Fund sales hit by market jitters

Wild swings in the equity markets, fuelled by fears of a recession in the U.S. and the spectre of collapsing American financial institutions, made mutual funds a tough sell in March. Net sales of mutual funds for the month are estimated to be between $2.3 billion and $2.8 billion, according to preliminary data from the […]

By Steven Lamb |April 2, 2008

2 min read

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On The Shelf:

(April 1, 2008) JovFunds Management has announced the launch of a fourth series of its CIBC Gartman Global Allocation Deposit Notes, which will track The Gartman Index IITM, a proprietary index developed by leading global markets commentator Dennis Gartman. “In response to the continuing demand from both the advisor and retail investor community, we are […]

By Staff |April 1, 2008

1 min read

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(April 1, 2008) Great-West Life & amp; Annuity Insurance Company, the U.S. subsidiary of Great-West Lifeco, has completed the sale of its healthcare business. The sale of Great-West Healthcare to a subsidiary of CIGNA Corporation will allow the Great-West Life & Annuity to focus on financial services. “Great-West Lifeco has been pursuing a strategy to […]

By Staff |April 1, 2008

3 min read

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