Industry News

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CI revises its bid for DundeeWealth

CI Financial Income Fund has tweaked its hostile takeover bid of DundeeWealth. The company now says DundeeWealth can keep its agreement with Scotiabank. CI will still offer 0.75 of a CI Financial share for each share of DundeeWealth. This works out to be the equivalent of $20.25 for each DundeeWealth share, a 52% premium on […]

By Mark Noble |September 26, 2007

2 min read

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(September 25, 2007) If there’s any time for investment managers to be bearish on equity markets, it’s now, but surprisingly, that isn’t the case. According to a new Russell Investment Manager Outlook survey, bullishness towards Canadian equities has been constant at 42%. The survey found that managers were bullish on “recession-proof” consumer staples (from 29% […]

By Staff |September 25, 2007

4 min read

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New U.S.–Canada tax treaty benefits American investors

The Canadian and U.S. governments recently signed a new tax treaty that would eliminate the withholding tax on cross-border interest payments. The new pact, which applies only to debt securities or mutual funds that invest in debt securities, is a boon for Canadian companies and American retail investors as it eliminates the 10% tax that […]

By Bryan Borzykowski |September 25, 2007

2 min read

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CI/Dundee: Can it work?

CI’s current bid to purchase DundeeWealth has been rebuked but this hasn’t curbed speculation by analysts about how the two industry players would integrate their different sets of star managers and networks of advisors. Hypothetically, if Dundee and CI merged, it would become the second largest fund company after IGM Financial and would manage around […]

By Mark Noble and Romana King |September 25, 2007

3 min read

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(September 24, 2007) The majority of Canadians saw little improvement in their real income between 1992 and 2004, according to a study by StatsCan released today. But life was considerably better for the 20% of the population earning the highest income. “Between 1992 and 2004, constant-dollar income for people in the top 20% of the […]

By Staff |September 24, 2007

3 min read

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Client complaints rampant online

Buying groceries, checking sports scores and planning a night out aren’t the only tasks your clients are using the Internet for — they’re also voicing complaints about their financial institutions. Last week, at a regulatory compliance conference hosted by Insight Information, Carol Allen, manager of compliance at TD Insurance, said more and more people are […]

By Bryan Borzykowski |September 24, 2007

4 min read

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CI bids for DundeeWealth

CI Financial has announced it will make an unsolicited offer to acquire all outstanding common shares of DundeeWealth, and is willing to pay a hefty premium. The bid is $20.25 per share, a premium of 52% over Monday’s closing price of $13.31. “Our offer is 52% above today’s closing price for DundeeWealth and 59% above […]

By Steven Lamb |September 24, 2007

2 min read

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(September 21, 2007) Misconduct at the head office and Joliette branches of National Bank Financial resulted in penalties of nearly $900,000 being levied against the bank itself and one of its registered representatives. The IDA has hit National Bank Financial with a $795,000 fine, after it admitted to allowing “repeated misconduct” by a team of […]

By Staff |September 21, 2007

3 min read

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Regulation no match for good governance

Many regulatory or ethical mishaps are created by situations that simple regulation cannot solve, a pair of leading compliance experts argue. A focus on governance rather than regulation is a better way for companies to stay out of trouble, according to Janis A. Riven and Paul Belanger, co-presenters on good governance practices at the ninth […]

By Mark Noble |September 21, 2007

4 min read

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(September 20, 2007) The Canadian dollar briefly hit parity with its U.S. counterpart at 10:58:53 this morning, setting a new high-water mark not seen since 1976. The loonie even edged above the greenback for a few seconds, to $1.0002 U.S. The fresh weakness in the U.S. dollar came on word that the central bank of […]

By Staff |September 20, 2007

2 min read

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