Industry News

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Blockbuster deal for Manulife

(September 29, 2003) Manulife Financial has announced a friendly $15 billion takeover bid for Boston-based John Hancock Financial Services, which would make Manulife the second-largest life insurance company in North America. The merged firm would be based in Toronto with Manulife’s Dominic D’Allesandro as CEO. John Hancock CEO David D’Allesandro, who is not related to […]

By Staff |September 29, 2003

2 min read

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Canadian fund trading scams unlikely, consultant says

(September 26, 2003) A mutual fund trading scandal that has been called a “black eye” for the U.S. fund industry probably could not happen in Canada, according to a well-known industry consultant. Earlier this month, Canary Capital agreed to pay $30 million US in restitution and a $10 million US fine following an investigation by […]

By Doug Watt |September 26, 2003

2 min read

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Looking for a few good advisors: Richardson Partners prepares to open its doors

(September 26, 2003) Canada’s newest investment dealer will officially open for business next week. Richardson Partners Financial, a Winnipeg-based boutique firm focused on the high-net-worth market, hopes to add 150 blue chip advisors to its team over the next two years. “Our Winnipeg office will be open in October and the Toronto office will be […]

By Doug Watt |September 26, 2003

2 min read

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Report casts doubt on corporate governance cost savings

(September 25, 2003) Proposed new corporate governance rules may not result in the billions of dollars in savings predicted by Ontario’s securities regulator. In fact, the costs of implementing the rules could outweigh the benefits, says the British Columbia Securities Commission (BCSC). Earlier this year, the Canadian Securities Administrators (CSA) released three new “made in […]

By Doug Watt |September 25, 2003

2 min read

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Fund manager seeks

(September 24, 2003) “Conservative and consistent.” That’s how mutual fund manager Keith Graham, the latest addition to the AGF team, sums up his investment philosophy. Graham, who left AIM Trimark last month to join AGF, held an investor conference call yesterday to discuss his “real value” style and the two funds he’ll manage for AGF. […]

By Doug Watt |September 24, 2003

3 min read

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U.S. boomers stalling on retirement planning, survey suggests

(September 24, 2003) The bulk of America’s baby boomers aren’t paying much attention to financial planning and remain ill-prepared for retirement, according to a survey conducted for ING. Nearly two-thirds of boomers questioned said they spend one hour or less on retirement planning activities in a typical month. One in three said they don’t spend […]

By Doug Watt |September 24, 2003

2 min read

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IPC Financial receives unsolicited offer

(September 23, 2003) The recent wave of consolidation in Canada’s mutual fund industry shows no sign of letting up. In the latest development, IPC Financial Network announced today it has received an unsolicited proposal for a strategic transaction. The name of the bidder was not revealed. IPC says it has hired Scotia Capital to evaluate […]

By Doug Watt |September 23, 2003

2 min read

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IDA joins chorus of pre-budget recommendations

(September 23, 2003) Ottawa could stimulate higher economic growth rates if it would reduce corporate taxes and increase the limit on RRSP contributions. That’s the message the IDA has delivered to Parliament in its pre-budget submission today. The IDA commends the federal government on its spending reductions over the past decade, but warns against a […]

By Steven Lamb |September 23, 2003

2 min read

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Briefly:

(September 26, 2003) Canada’s net worth moved higher in the second quarter, according to Statistics Canada, posting a gain of 1.3% to hit $3.9 trillion, or $129,000 per capita. National wealth grew at a slower rate, from 1.7% in the first quarter to 1.5% in the second, due to a sluggish economy, the agency said. […]

By Staff |September 22, 2003

6 min read

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Higher RRSP limits on IFIC’s budget wish list

(September 22, 2003) Canada’s mutual fund industry association is once again urging the federal government to boost RRSP contribution limits. In a pre-budget submission released today, IFIC recommends an immediate increase to $27,000 a year, with future increases tied to inflation. Earlier this year, federal Finance Minister John Manley committed to gradually increasing RRSP levels […]

By Doug Watt |September 22, 2003

2 min read

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