Industry News

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Advisors wary as Portus lays off staff

(February 18, 2005) Hedge fund firm Portus — under investigation by the OSC — has terminated the bulk of its staff but continues to insist that all investments are secure. In a statement posted on its Web site late Thursday, Portus said that as a result of the OSC’s regulatory order preventing deposits and withdrawals […]

By Doug Watt |February 18, 2005

3 min read

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Canada needs more aggressive venture strategy, expert says

(February 17, 2005) Canadian investors need to step up to the plate and better fund their small businesses if they are to compete with American start-ups, according to one of the country’s major venture capitalists (VCs). “The industry in Canada is about half of what it should be,” says Dr. Robin Louis, president of Ventures […]

By Steven Lamb |February 17, 2005

3 min read

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Alberta advocates tiered approach to regulation

(February 17, 2005) As Ontario and B.C. squabble over rules versus principles-based securities regulation, Alberta is coming down the middle with a new tiered approach, proposing different rules depending on the size of the firm. Calling it the great Canadian compromise, Alberta Securities Commission vice-chair Glenda Campbell outlined the province’s model at a securities conference […]

By Doug Watt |February 17, 2005

3 min read

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Portus to remain in regulatory limbo

(February 16, 2005) Portus Alternative Asset Management will be under a regulatory cloud for at least three more months after the Ontario Securities Commission extended a temporary suspension against the hedge fund firm. A hearing was set for Thursday, but late Tuesday, the commission announced that the case would not be heard until May 17, […]

By Doug Watt |February 16, 2005

2 min read

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C.D. Howe calls for numerous tax changes

(February 16, 2005) The C.D. Howe Institute wants Ottawa to abolish the capital gains tax on charitable donations. That’s just one of many recommendations included in the Toronto-based researcher’s annual shadow budget, released on Wednesday. The tax on capital gains applied to donations of selected assets to both private and public foundations and other charities […]

By Doug Watt |February 16, 2005

2 min read

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Alternative investments not always transparent, says Young

Former mutual fund analyst and Portus consultant Duff Young admits that, even for him, due diligence on alternative products can be a tough row to hoe. That’s not to say advisors should avoid alternative investments. However, advisors must make sure that the product is as advertised, and be wary of signing documents that might prevent […]

By Scot Blythe |February 16, 2005

3 min read

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Canadian banks too inefficient to compete: S&P

(February 15, 2005) Canadian banks looking for inroads into the U.S. market should probably just stay home, according to a recent report from analyst agency Standard & Poors. “The better bet for Canadian banks is to concentrate on their home turf,” reads the report, based on research by Tanya Azarchs, managing director in financial institutions […]

By Steven Lamb |February 15, 2005

3 min read

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IDA calls on Ontario to cut taxes

(February 15, 2005) Ontario should reduce both corporate and personal income tax rates in an effort to make the province more competitive and attract new private investment, the IDA says in a pre-budget submission. “While we are encouraged by an optimistic near-term outlook for the Ontario economy, we continue to have concerns about the province’s […]

By Doug Watt |February 15, 2005

2 min read

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Fund assets hit record high

(February 15, 2005) Canadian mutual fund assets reached a new all-time high in January, surpassing the $500 billion mark on net sales of $660.7 million. “We have reached a landmark going past half a trillion dollars in assets,” said John Murray, IFIC’s vice-president, regulation and corporate affairs. “It is also heartening to note that most […]

By Steven Lamb |February 15, 2005

3 min read

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Vancouver SRI firm screens CPP

(February 14, 2005) Considering the Canada Pension Plan has repeatedly rejected calls for social and environmental screening of its investments, any undertaking of such a project may be just a theoretical exercise. But as Real Assets Investment Management discovered, the results were quite an eye-opener. Using a broad-based screening approach, the Vancouver-based SRI firm eliminated […]

By Doug Watt |February 14, 2005

2 min read

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