Industry News

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Strong markets boost IDA firms’ earnings

The third quarter of 2005 was particularly kind to the securities industry, with profits surging across most lines of business, according to the IDA’s quarterly Securities Industry Performance report. Operating profits hit $1.1 billion for the industry as a whole, up 26% from the second quarter and a massive 74% increase from Q3 a year […]

By Steven Lamb |December 15, 2005

3 min read

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Hockin calls for end to GST on fund fees

IFIC president Tom Hockin has issued a letter to his colleagues in the mutual fund industry asking for help in the campaign to scrap the GST on fund management fees. Hockin, who is retiring from IFIC next month, says the issue affects the interests of all Canadians who invest in mutual funds, and should be […]

By Doug Watt |December 15, 2005

2 min read

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November fund sales top $2 billion

Mutual fund sales jumped nine-fold in November compared to last year, to $2.3 billion. It’s the best sales total for the industry since March and the strongest November since 2001. “It was generally a hearty month for the industry in terms of aggregates sales numbers,” says Rudy Luukko, investment funds editor at Morningstar Canada. “The […]

By Kate McCaffery |December 15, 2005

2 min read

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Resources remain a good bet against inflation

The strong Canadian dollar has largely shielded investors from inflation, but the long term trend on prices is pointing higher, according to strategists at Guardian Group of Funds. “We believe this move to higher prices is a long term phenomenon, not merely a statistical spike, and investors need to position their portfolio to preserve their […]

By Steven Lamb |December 14, 2005

4 min read

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IDA members approve division

Members of the IDA have approved a plan to split the association apart, creating a separate entity to act as an industry representative while the IDA will maintain its role as a self-regulatory organization. Nearly 90% of the members endorsed the division. “We are very pleased that the members have endorsed change that preserves the […]

By Steven Lamb |December 14, 2005

2 min read

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$70 oil would slow global growth

The new tolerance for high oil prices has stabilized around $70 a barrel. That’s the average price money managers say oil would need to reach in 2006 before its effects would start showing up in the global economy. The Merrill Lynch Survey of Fund Managers for December also found that institutional investors are confident that […]

By Kate McCaffery |December 13, 2005

2 min read

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Search me

(December 2005) A woman named Debbie contacted me recently after looking me up on the web (this is sometimes called “googling,” after the popular search engine). She inquired whether I was the same Deanne Gage who grew up in Nova Scotia with her parents, sister and cousin. It was, in fact, me and Debbie turned […]

By Deanne Gage |December 12, 2005

3 min read

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Briefly:

(December 16, 2005) Arrow Hedge Partners says the new Arrow Japan Long/Short Fund is now available for purchase. The equity hedge fund uses a long/short strategy, focused on generating absolute returns by investing in Japanese stocks. The portfolio is relatively concentrated, with 70 to 90 positions held at any one time, Arrow says. “We believe […]

By Staff |December 12, 2005

12 min read

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CRA warns on RCA abuses

An internal letter suggests Canada’s tax authorities intend to crackdown on what they consider abusive use of retirement compensation arrangements (RCAs). In a recent newsletter, Retirement Compensation Funding Inc. (RCF) pointed to CRA’s response to a question from an assessment office on the deductibility of employees’ contributions to an RCA. CRA used the case as […]

By Doug Watt |December 12, 2005

2 min read

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M&A activity surges in 2005

Low interest rates and strong corporate balance sheets drove an increase in Canadian merger and acquisition activity in 2005, according to a report by KPMG Corporate Finance. “Last year KPMG Corporate Finance reported a turning point in what had been a declining market,” says Peter Hatges, a corporate finance partner in KPMG’s Canadian advisory services […]

By Steven Lamb |December 12, 2005

3 min read

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