Canada’s construction industry will need an additional 250,000 workers over the next eight years, according to a report.
The Construction Sector Council’s report, Construction Looking Forward, finds that despite the hiring 42,000 new workers last year, another 162,000 will be required between 2008 and 2016 to replace retiring baby boomers and an additional 94,000 will be needed to keep pace with new projects.
The national forecast shows British Columbia and Alberta are the pacesetters with new projects increasing employment to record levels. Dramatic increases in employment have yet to come in Newfoundland and Labrador, Manitoba and Saskatchewan where a number of big resource-based projects are in the planning stages. New Brunswick also faces one of the most demanding recruiting tasks with a big resource projects scheduled in the coming years. Steady annual growth is forecast in the industrial and engineering trades in Quebec and Ontario.
To read the report on the Construction Sector Council’s website, click here.
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Russell Appoints New CIO
Russell Investments Canada has appointed Sadiq S. Adatia as its new chief investment officer.
He currently heads the company’s Canadian equity funds and LifePoints portfolios and will have overall responsibility for Russell’s investment team.
Adatia will continue to work closely with Timothy Hicks, who has been promoted to the firm’s global headquarters to lead Russell’s North American Equities team.
“We are excited to have someone of Sadiq’s calibre, insight and track record guiding our investments as we continue to enhance our investment services and commitment to clients,” says Irshaad Ahmad, president and managing director of Russell Investments Canada.
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Morneau Completes Shepell-fgi Acquisition
Morneau Sobeco has completed its acquisition of substantially all the assets of Shepell-fgi from Clairvest Group and its partners.
“Combining the operations of Morneau Sobeco and Shepell-fgi creates a dynamic organization with enhanced growth opportunities,” says chairman and CEO Bill Morneau. “I am excited about the future of our two companies as we go forward together.”
Both companies will continue to serve their clients independently. They will maintain their existing leadership teams and brand identities, and continue using their current client service models.
For some background information on this deal, click here.
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Acuity Launches 130/30 Fund
Acuity Funds has launched the Acuity Pooled 130/30 Fund, which is designed to help investors maximize return potential in up markets and protect assets in down markets.
Like most 130/30 funds, the initial 100% long position is augmented by a 30% short position and the proceeds of the short position are re-invested in an additional long position.
“Investors effectively receive 160% exposure to our very best buy and sell ideas,” says Hugh McCauley, managing director and lead portfolio manager of Acuity Funds. “Unlike a long-only fund, our investment management team is able to act on both upside and downside expectations, giving us a much broader set of opportunities.”
For more about 130/30 funds, click here to read The Long and the Short of It, which is part of A Trustee’s Guide to Alternative Investments.
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Court to Hear BCE Appeal
The Supreme Court of Canada will hear BCE’s appeal of last month’s Quebec’s Court of Appeal ruling that put the deal to privatize the telecom company on hold.
The Supreme Court also granted BCE’s motion to expedite the hearing. As ordered by the Court, the appeal will therefore be heard on June 17, 2008, at 9:00 a.m.
The consortium that plans to buy BCE, led by the Ontario Teachers’ Pension Plan, hopes to finalize the deal by the end of this month.
For more about the buyout, click here to read The Rise of Private Equity.