Canada’s economy contracted at an annual pace of 3.4% in the fourth quarter of 2008—its worst performance since 1991—due to the global recession, according to Statistics Canada.
Canadian exports fell 4.7% for the sixth consecutive quarter, while imports were down 6.4%. “Declines were registered for both goods and services imports, as domestic demand faltered and prices for imported goods and services rose,” StatsCan reported.
The Bank of Canada is expected to cut its key lending rate—currently at a record low of 1%—by another 50 basis points in an effort to help pull the country out of the economic downturn.
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Buck Launches Communications Consulting Services in Canada
Buck Consultants is launching four new communications services aimed at helping employers to relay specific messages to employees while maintaining worker engagement and productivity.
The services are called Situational Communication Strategy, Manager Communication Bootcamp Sessions, Pre-retirement Planning Seminars, and Pension and Benefits Change Communication Strategy. They address topics such as reassurance communications, staff or benefits reduction and voluntary retirement packages.
“Employers need flexible and available communications solutions as they face today’s challenging business environment,” said David McCullagh, senior communications consultant with Buck Consultants. “Responding to economic uncertainty in the workplace requires nimble action. Events won’t wait for long-drawn-out studies or multi-phase project plans. Employers must act immediately and effectively as issues or concerns arise.”
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BMO makes Aussies Alliance
Bank of Montreal has announced a strategic alliance between its specialist high yield asset manager, HIM Monegy, and Australia’s Colonial First State Global Asset Management.
Monegy will now become CFSGAM’s sole specialist provider of North American high yield asset management services. Monegy is a boutique investment management company which is wholly owned by BMO’s Chicago-based subsidiary, Harris Investment Management.
“The depth of our shared investment philosophy and Monegy’s consistent skill in their management of North American high yield assets has encouraged CFSGAM to develop and strengthen the relationship with Monegy,” said Tony Adams, co-head of global fixed interest and credit at the Australian firm.
“This alliance acknowledges the close relationship built during the past eight years between the Global Fixed Interest and Credit team within CFSGAM and Monegy,” said Sadhana Valia, president and senior portfolio manager at Monegy. “Our relationship has centred around a shared focus on managing high quality, defensive portfolios with an emphasis on optimizing risk-adjusted returns and minimizing downside risk.”
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RBC to Acquire Commission Direct
RBC Capital Markets has struck a deal to purchase Commission Direct Inc., one of Canada’s largest independent providers of independent commission-compensated investment services (IC-CIS) for Canadian institutional investors.
Firms in the IC-CIS sector facilitate payment of qualified independent research and brokerage obligations, commission sharing arrangements (CSA), commission recapture, transition restructures, and discount trading.
“This transaction will allow us to provide an enhanced range of services to our client investors, backed by the financial strength and stability of RBC”, said Wayne McAlpine, CEO of CDI. “During our 17-year partnership, RBC has supported and believed in our independent approach, and our commitment to the highest standards of trade execution, administrative excellence and diligent compliance with soft dollar practices.”
Prior to the deal, RBC had a 50% stake in the company.