Industry News

Decorative pattern

Briefly:

(October, 4, 2007) The worst of the recent credit troubles have passed, which should allow the TSX to rally toward 15,000 by year-end, according to a new CIBC World Markets outlook report. “While some problems remain in the asset-backed commercial paper market, we are becoming more confident that the worst in credit markets may now […]

By Staff |October 4, 2007

4 min read

Decorative pattern

Industry sees flaws with fund fact document

The mutual fund industry hopes to make life easier for investors by introducing a two-page “Fund Fact” document outlining the details of a newly purchased mutual fund. But according to some industry executives, the proposed paper has a number of flaws that need to be addressed. Carole Dagher, legal counsel for CIBC, thinks the proposed […]

By Bryan Borzykowski |October 4, 2007

4 min read

Decorative pattern

Fund sales rebound in September: IFIC

Fund sales appear to have bounced back from a nasty slide in August, which saw the industry finish in net redemptions for the first time in three years, according to the September sales estimates released by the Investment Funds Institute of Canada. IFIC says that mutual fund sales will fall somewhere between $620.2 million and […]

By Mark Noble |October 3, 2007

2 min read

Decorative pattern

Briefly:

(October 3, 2007) On Wednesday, Altamira introduced two new products to its Meritage Portfolio lineup — the International Equity Portfolio and the American Equity Portfolio. The new offerings are composed of 100% equities and are supposed to achieve long-term capital growth by investing mostly in U.S. or international equity funds. Investors will need a minimum […]

By Staff |October 3, 2007

2 min read

Decorative pattern

Fund investors happy with product

The vast majority of mutual fund investors are confident their chosen investment vehicles will help them meet their financial goals, according to IFIC’s second annual survey of mutual fund investors. In all, 83% of respondents expressed confidence in funds, making them the most trusted investment, edging out primary residences at 79%. “As a financial product, […]

By Steven Lamb |October 3, 2007

3 min read

Decorative pattern

Dealers urged to rein in direct trading

Despite the digital revolution that has swept through the mutual fund industry, many advisors are still doing things the old-fashioned way — faxing in their trades. Making matters worse, many of these advisors are bypassing their dealers and sending redemption requests directly to their fund companies. At the IFIC Annual Leadership Conference on Tuesday, Scott […]

By Bryan Borzykowski |October 3, 2007

3 min read

Decorative pattern

Alan Radlo rumoured to join CI in January

For months, rumours have been swirling as to which fund company would snag Alan Radlo, the former star manager at Fidelity Investments Canada. Finally, that speculation may be laid to rest. It’s been reported that Radlo will move to the CI Financial Income Fund in January, once his one-year non-compete clause with Boston-based Fidelity expires. […]

By Bryan Borzykowski |October 2, 2007

3 min read

Decorative pattern

Briefly:

(October 2, 2007) DBRS is in a whole lot of trouble with the OSFI. Julie Dickson, the banking regulator’s new superintendent says the credit-rating agency is responsible for the turmoil related to Canada’s asset-backed commercial paper markets. She says that Canadians were buying ABCP that had only one rating and limited liquidity lines. While S&P […]

By Staff |October 2, 2007

3 min read

Decorative pattern

Emerging, Asian funds lead third quarter

Despite an August swoon in markets, half of the Canadian mutual fund industry managed to eke out positive returns for the third quarter, according to Morningstar Canada. Morningstar tracks mutual fund performance in 42 fund categories. The best performer was the Asia Pacific ex-Japan equity index, with a quarterly return of 7.3%, fuelled by hot […]

By Scot Blythe |October 2, 2007

2 min read

Decorative pattern

Point-of-sale will streamline business: Regulators

The Canadian mutual fund industry deserves the trust of investors, and current regulatory proposals should only be seen as fine-tuning of a healthy system, according to a panel of regulators. Speaking at the 2007 IFIC Annual Leadership Conference, British Columbia Securities Commission chair Doug Hyndman described the current “torrent” of regulatory reforms as a case […]

By Steven Lamb |October 2, 2007

3 min read

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