Industry News

Decorative pattern

Dundee’s deal for IPC collapses

(May 5, 2003) Dundee Wealth Management’s proposed acquisition of Investment Planning Counsel of Canada (IPC) Financial Network has been called off amid regulatory complications. In a joint statement released Friday, May 2, the two companies said they were terminating the transaction, estimated to be worth $150 million. Dundee’s takeover of IPC was first announced last […]

By Doug Watt |May 5, 2003

2 min read

Decorative pattern

Great-West wins Canada Life shareholder vote by huge majority

(May 5, 2003) In a muted end to one of the life insurance industry’s livelier takeover skirmishes, Canada Life shareholders today overwhelmingly endorsed Great-West Life’s friendly bid, valued at $7.3 billion. The shareholders endorsed the bid by 99.4% of those voting in person or by proxy during a meeting this morning at the Metro Toronto […]

By Art Melo |May 5, 2003

2 min read

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Advisors welcome sanctions against Costello

(May 2, 2003) The Ontario Securities Commission’s (OSC) decision to impose stiff sanctions against popular financial commentator Brian Costello received some votes of support this week in Advisor.ca’s online discussion forum, the Talvest Town Hall. On Wednesday, April 30, the OSC reprimanded Costello, ordered him to pay $300,000 in costs, and ruled that his business […]

By Doug Watt |May 2, 2003

2 min read

Decorative pattern

Is there no place like the home construction sector?

Untitled Document Without much fanfare, one of last year’s losers is now rounding third base on the way to a homerun. Nobody expected it to be a winner this year. Given its record lately, it likely will be. That sector is home construction, which includes makers of building materials, construction, architecture and engineering firms, as […]

By Staff |May 2, 2003

2 min read

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Conference organizers offer reassurances as SARS fears fade

(May 1, 2003) As Toronto moves toward containment of the SARS outbreak, financial conference organizers are taking steps to remind attendees that the majority of events are going ahead as scheduled. Yesterday, the Canadian Pension and Benefits Institute (CPBI) issued a public response to inquiries about its national conference, set for June 4-6 at the […]

By Doug Watt |May 1, 2003

2 min read

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Analyst questions Mackenzie’s fund manager moves

(April 30, 2003) Mackenzie Financial’s recent move to sever ties with Janus Capital is being welcomed by fund industry analysts. But not everyone is sold on the managerial changes Mackenzie plans for the Janus funds. Last week, Mackenzie announced the termination of Janus as lead manager of the Janus American and Janus Global Equity funds. […]

By Doug Watt |April 30, 2003

3 min read

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OSC reprimands and fines Costello, leaves door open for further sanctions

(April 30, 2003) The Ontario Securities Commission (OSC) has ordered a review of Brian Costello’s recent activities to determine if he is still in the financial advice business. The financial commentator has been reprimanded and ordered to pay $300,000 in investigative costs. In February, an OSC panel ruled that Costello had violated provincial securities law […]

By Doug Watt |April 30, 2003

3 min read

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Money laundering laws create new KYC obligations for advisors

(April 29, 2003) The recent enactment of new anti-money laundering regulations means financial advisors must step up their “know your client” (KYC) efforts, according to legal experts attending a recent conference in Toronto. As of March 31, 2003, financial institutions and intermediaries are required to report certain types of international electronic fund transfers of more […]

By Art Melo |April 29, 2003

2 min read

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CSI launches online financial services job board

(April 29, 2003) With the Internet becoming the preferred choice for Canadian job seekers, the Canadian Securities Institute (CSI) has introduced an online employment service specifically for the financial services industry. The new Web site, called “Infocus,” is an attempt to bring financial firms and qualified candidates together, the CSI says. “Our research shows a […]

By Doug Watt |April 29, 2003

1 min read

Decorative pattern

SARS worries force cancellation of governance conference

(April 28, 2003) Citing concerns about SARS, the Canadian Foundation for Investor Education has postponed a one-day corporate governance symposium scheduled for June in Toronto. However, an informal check by Advisor.ca reveals that for other upcoming financial conferences in the Toronto area, it’s business as usual. The governance conference, held in association with the University […]

By Doug Watt |April 28, 2003

3 min read

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