Industry News

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Berkshire joins forces with TWC Financial

(September 18, 2003) A long-rumoured merger deal involving TWC Financial became official today with the announcement that the Saskatchewan-based fund dealer is teaming up with Ontario’s Berkshire Group, owned by Michael Lee-Chin. The new partnership is described as a “business agreement” — no financial details were released. In a news release, Lee-Chin, who also runs […]

By Doug Watt |September 18, 2003

2 min read

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BCSC chair: Nothing will come from

(September 17, 2003) Taking an “all or nothing” approach to harmonizing Canada’s patchwork of securities regulators is a good way to end up with nothing, according to British Columbia Securities Commission (BCSC) chair Doug Hyndman. Instead, Canada should adopt the “passport model,” he recommended in a speech to the Economic Club of Toronto today. “I […]

By Steven Lamb |September 17, 2003

3 min read

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TWC set to announce merger deal, sources say

September 16, 2003) Saskatchewan-based mutual fund dealer TWC Financial is actively seeking a strategic partnership with another financial firm, industry sources say, and an agreement could be in place before the end of the month. There’s been nothing official from TWC but insiders say the firm, with about $4 billion in assets and 400 advisors […]

By Doug Watt |September 16, 2003

3 min read

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Big investors offer guidelines for corporate boardrooms

(September 16, 2003) The Canadian Coalition for Good Governance (CCGG) has released a set of 12 guidelines it hopes to see adopted by Canada’s largest publicly traded companies. “The guidelines issued by the coalition raise the bar for good governance standards in Canada,” said chair and former federal finance minister Michael Wilson. “And as shareholders […]

By Steven Lamb |September 16, 2003

2 min read

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Briefly:

(September 19, 2003) Advocis and the Conference for Advanced Life Underwriting (CALU) have called on the federal government to reduce debt and raise RRSP contribution limits in a pre-budget submission to Parliament. “Canada’s population is aging and this will have a serious impact on our country’s healthcare system,” said Advocis president Steve Howard. “We need […]

By Staff |September 15, 2003

5 min read

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Weinberg tackles U.S. market from Winnipeg base

(September 15, 2003) Marty Weinberg is confident his soon-to-be spun-off American company will become even larger than his recently-sold Canadian one. The Assante CEO is preparing for life in the ultra-competitive U.S. market after selling off his firm’s Canadian division to CI Fund Management last month. “We retained the growth piece of our business in […]

By Geoff Kirbyson |September 15, 2003

3 min read

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Mutual funds post strong sales, performance in August

(September 15, 2003) Canadian investors continued to sock their savings away in mutual funds in August. For the second consecutive month, the fund industry enjoyed positive sales, according to the latest update from IFIC. Net sales topped $304 million last month, with an additional $294 million in distributions reinvested. In July, net sales reached $321 […]

By Steven Lamb |September 15, 2003

2 min read

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MFDA promises to review every member

(September 12, 2003) Mutual fund dealers, be forewarned: Keep your books in order — sooner or later, everyone will come under scrutiny. As a self-regulatory organization, the MFDA is currently reviewing both the sales practices and financial operations of all its members. So far the MFDA compliance office has completed 44 examinations but eventually every […]

By Steven Lamb |September 12, 2003

2 min read

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Ontario regulator promises busy fall season for fund companies

Canadian Securities Administrators release report on fund governance (September 11, 2003) With three major initiatives on the horizon, Ontario Securities Commission (OSC) staff acknowledge that fund companies may be feeling under the gun. What’s more, these initiatives all have a November-December due date, upping the pressure on investment product manufacturers to file comments on strictures […]

By Scot Blythe |September 11, 2003

4 min read

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U.S. economy stronger than it seems, IFIC delegates told

(September 11, 2003) Despite appearances to the contrary, the American economy is actually doing quite well, says Lloyd Atkinson, former vice-chair and chief strategist at Perigee Investment Counsel. “It’s a complete and utter myth that the U.S. economy is weak,” Atkinson said this morning during a keynote address at IFIC’s annual conference in Toronto. Atkinson […]

By Doug Watt |September 11, 2003

2 min read

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