Canada’s slowing economy is colliding with the war for talent to push the national average forecast for base salaries up by 3.7% for 2009, according to a survey.
The Hay Group survey of Canadian employers revealed that while the national average is similar to last year, the regional values differ quite noticeably.
Saskatchewan has unseated Alberta with the highest salary adjustment of 5.1% for 2009, while Alberta is at 4.9%. Atlantic Canada has shown the highest year-over-year increase at 3.5%, up one-half percentage point higher from last year. This reflects the need for these regions to attract and retain talent to fuel their commodity sectors.
Ontario and Quebec are forecasting lower adjustments than last year, coming in at 3.3% and 3.2% respectively. Both provinces are feeling the pain of a slumping manufacturing sector, and have forecasts that are lower than Atlantic Canada for the first time in recent memory
British Columbia and Manitoba are pacing the national average, at 3.7% and 3.6%, respectively.
By industry, the oil and gas sector is projecting the highest average salary increase of 5.4%, while mining is at 4.4%, forest products at 2.4%, retail at 3.1%, and manufacturing at 3.3%.
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Female Workers Feel Underpaid: Survey
Twenty-three percent of female workers say they feel that they are being paid less than their equally qualified male counterparts, according to a recent survey.
CareerBuilder.ca’s Workplace Equality survey also revealed that 19% of female workers feel that males have more career advancement opportunities even when both workers are equally qualified. Sixteen percent feel they do not have the same amount of job flexibility and 16% say that they receive fewer opportunities for training and development.
“Employers are constantly looking at ways to make their workplaces more balanced,” says Remy Piazza, managing director of CareerBuilder Canada. “However, this survey indicates that they still have some work ahead of them.”
When asked about the reasons behind inequitable compensation schemes, 41% of female respondents said men are perceived as needing to have more money to support their families, while 35% said men tend to be more aggressive in their compensation negotiations. Thirty-three percent said men tend to get better or more high profile projects, 30% believe management tends to favour males, and 25% suggest that men tend to schmooze more with the boss.
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Alpha ATS Receives Regulatory Approval
Alpha Group has received approval for registration as an alternative trading system from the Ontario Securities Commission (OSC) and approval of its application for dealer and marketplace membership in the Investment Industry Regulatory Organization of Canada (IIROC).
“Alpha’s approval by the OSC and IIROC represents another important milestone in our journey towards launch,” says Jos Schmitt, chief executive of Alpha ATS.
Alpha ATS, a member of the Alpha Group, is set to launch trading activities as an alternative trading system on Sept. 26, 2008.
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The pending launch of the ATS was first announced two years ago and backed by Bay Street’s largest players.
The dealers involved in the creation of the ATS include BMO Capital Markets, Canaccord Capital, CIBC World Markets, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities.
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State Street Reaches Private Equity Milestone
State Street now has US$100 billion of private equity assets under administration. The company’s private equity services team provides services to more than 100 private equity and venture capital investment sponsors and fund of fund managers.
“We have been encouraged by the overall growth in our private equity servicing business, despite a slowdown within certain sectors of the industry,” says Jack Klinck, executive vice-president and global head of State Street’s Alternative Investment Solutions team. “Our total assets under administration have grown by approximately 20% since establishing our dedicated service offering, and we look forward to building on this strong foundation.”
State Street has added $14 billion in private equity assets in 2008.
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Claymore Launches Global Infrastructure ETF
Hot on the heels of its real estate ETF, Claymore Investments has announced the launch of the Claymore Global Infrastructure ETF.
Designed to replicate the performance of the MFC Global Infrastructure Index, the Claymore ETF seeks to provide long-term capital appreciation by investing in companies in the infrastructure sector based on a quantitative bottom-up, multi-factor selection process.
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“Infrastructure has become a major area of investment focus for some of the largest institutional investors,” says Som Seif, president and CEO of Claymore Investments. “Investments in infrastructure-related securities may serve as a potential hedge against inflation and also offer the potential to deliver superior investment returns as governments in both developed and developing countries increasingly focus on the need to make adequate investments in infrastructure assets.”
For more about alternative investments, click here to read A Trustee’s Guide to Alternative Investments.
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Northern Trust Launches Enhanced Analytics Service
Northern Trust’s Investment Risk and Analytical Services (IRAS) group has launched an enhanced version of its fixed income performance attribution analytical tool.
Using multiple sources and types of fixed income characteristic data to customize attribution analysis for fixed income investments, the tool is available to clients daily via Passport, Northern Trust’s online institutional client reporting system.
The tool is aimed primarily at asset managers to help them pinpoint where performance is coming from in their portfolios’ fixed income holdings.
Fixed income is relatively opaque as an asset class compared to standard exchange-traded equities, explains Jim Trotter, head of IRAS in Europe, Middle East and Africa at Northern Trust. “Our new tool is the next generation in fixed income attribution analysis and is completely customizable to meet the requirements of each asset manager client depending on its individual investment process for fixed income.”
The tool analyzes data according to three main characteristics: instrument type; duration data; and yield data. Northern Trust has added new factors within the duration data category, allowing more data to be fed in to the tool.
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Investec Asset Management Selects RBC Dexia
Investec Asset Management has chosen RBC Dexia Investor Services to provide shareholder services for the firm’s £3.5 billion (C$6.7 billion) Investec Global Strategy Fund, based in Luxembourg.
Investec Asset Management is a specialist investment manager, providing portfolio management services and financial products to institutional and individual investors.
“The scalability of RBC Dexia’s shareholder services solution and high levels of straight-through processing demonstrate a proven commitment to meeting their clients’ needs,” says Kim McFarland, chief operating officer for Investec Asset Management. “We are confident they will bring this same level of dedication to our newly-formed working relationship.”
Investec Asset Management is a specialist investment manager, providing portfolio management services and financial products to institutional and individual investors.