Industry News

Decorative pattern

Manulife standing behind its customers, says CFO

(March 30, 2005) Manulife’s move to protect client funds invested in Portus has been well-received, says the insurance giant’s chief financial officer. But Peter Rubenovitch concedes a regulatory probe of the hedge fund firm created angst among both Manulife advisors and clients. Details of Manulife’s guarantee have not yet been released, but Rubenovitch said on […]

By Doug Watt |March 30, 2005

2 min read

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AGF to buy ING’s mutual funds

(March 30, 2005) AGF Management has announced an agreement to purchase the mutual fund assets of ING Investment Management. Financial terms were not released. AGF will acquire 14 ING funds with approximately $240 million in assets. Thirteen of those funds will be merged into similar AGF products. For example, the ING Canadian Balanced Fund will […]

By Staff |March 30, 2005

2 min read

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Cole steps into Sarbit’s shoes

(March 29, 2005) AIC has appointed James Cole as lead portfolio manager of the firm’s American Focused Fund, replacing Larry Sarbit, who resigned on Monday. Cole already runs the AIC Canadian Focused Fund, AIC Canadian Balanced Fund and AIC Dividend Income Fund. “U.S. stock prices are at their same level as four years ago despite […]

By Doug Watt |March 29, 2005

2 min read

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Scams costing seniors billions, report says

(March 29, 2005) Scam artistry attracts some of the best and brightest talent. Frauds are becoming more sophisticated, and the largest growing group of people falling for those crimes are seniors, says CARP. Fraud hurts victims regardless of their age, but seniors are particularly vulnerable and the consequences are especially dire since they have very […]

By Kate McCaffery |March 29, 2005

3 min read

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Many firms ahead of NRD deadline

(March 28, 2005) Firms have just over a year to clean up information on their registered personnel that appears in the National Registration Database (NRD). When NRD was under development, archived information on registrants was flowed out of legacy systems to create the basic data files. But some of the information was out of date […]

By Philip Porado |March 28, 2005

2 min read

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Briefly:

(April 1, 2005) One-hundred and thirty-seven Ontario Securities Commission employees earned more than $100,000 in 2004, according to the provincial government. That’s up from 106 the previous year. Topping the list is chair David Brown, whose annual salary was nearly $642,000. Brown is leaving the OSC in June. Executive director Charlie Macfarlane earned more than […]

By Staff |March 28, 2005

9 min read

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The changing face of regulators

(March 28, 2005) There’s been a flurry of appointment notices in the Canadian regulatory arena lately, and across the board talk is becoming increasingly more cooperative and sympathetic towards ideas like a national regulator. Among the handful of appointments to board positions at the Canadian Securities Administrators and new commissioner appointments at the Ontario Securities […]

By Kate McCaffery |March 28, 2005

2 min read

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Sibold rejects

(March 24, 2005) The outgoing chair of the Alberta Securities Commission says he is suing the National Post. Stephen Sibold says articles on an internal review at the regulator contain “scurrilous and groundless” allegations against him. The stories — written by Post chief business correspondent Theresa Tedesco (who Sibold also plans to sue) — state […]

By Doug Watt |March 24, 2005

2 min read

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What is a CEO worth?

(March 24, 2005) In many public companies, maybe yours and definitely ones in your clients’ portfolios, boards are juggling the sticky and increasingly complex question of what management is worth — and how to dole out compensation without those decisions coming back to haunt share prices. On Thursday, Watson Wyatt Worldwide released its fourth annual […]

By Kate McCaffery |March 24, 2005

3 min read

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Portus tried to destroy data, investigator says

(March 24, 2005) Portus executives tried to destroy electronic files, says KPMG vice president Robert Castonguay, an expert in forensic technology. KPMG has been given more time by the Ontario Securities Commission to complete its investigation into the hedge fund firm. In a sworn affidavit, Castonguay reveals that KPMG, appointed as receiver in the Portus […]

By Doug Watt |March 24, 2005

2 min read

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