RBC Dexia Investor Services has been selected by Close Wealth Management Limited to provide global custody and foreign exchange services for that company’s £1.5 billion investment portfolios. “Close Wealth Management Limited undertook a rigorous review process to identify the provider best-equipped to satisfy our exacting requirements for day-to-day service, risk management and operational efficiency in […]
Canadian pension plans suffered reverses in the second half of 2007 as the spreading global credit crunch pushed stocks lower, according to a RBC Dexia Investor Services. Pension funds lost 0.5% in the fourth quarter of last year and posted a small gain of 1.5% for 2007. “2007 was tumultuous, as the soaring loonie and […]
BetaPro Management has launched four new exchange traded funds (ETFs) covering natural gas and crude oil. The new ETFs are: the Horizons BetaPro NYMEX Natural Gas Bull Plus ETF, the Horizons BetaPro NYMEX Natural Gas Bear Plus ETF, the Horizons BetaPro NYMEX Crude Oil Bull Plus ETF, and the Horizons BetaPro NYMEX Crude Oil Bear […]
Brian Gibson, senior vice-president and head of public equities at Ontario Teachers’ Pension Plan, has left to start his own investment firm, media reports say. Bloomberg reports that his last day was yesterday. He joined Teachers’ in 1995. Gibson developed a “relationship investing” approach that saw the fund take a large stake in a company—like […]
The Board of OMERS Administration Corporation has looked into Statistics Canada’s inflation-tracking error and decided it wouldn’t be in the best interest of plan members to challenge the federal government on the issue. From early in 2001 until March 2006, StatsCan miscalculated one component of the consumer price index (CPI), which raised concerns amongst OMERS […]
As pension-related litigation increases, employers who offer defined contribution (DC) plans and group RRSPs require safe harbours, or legal protection or the availability of these plans could be at risk, according to a study. The C.D. Howe Institute Study, Safe Harbours: Providing Protection for Canada’s Money-Purchase Plan Sponsors, finds that employers who would like to […]
The Caisse de dépôt et placement du Québec, OMERS, Manulife, and a company controlled by Hong Kong billionaire Li Ka-shing are buying $1.5 billion worth of CIBC stock by way of a private placement as the bank tries to enhance its capital position. The purchase price of the shares acquired by the private placement investors […]
Canadian pension plans ended the year no better funded than at the start of 2007, unless plan sponsors made additional contributions to top them up, according to the Mercer Pension Health Index. “Poor equity performance in the fourth quarter took its toll on plans’ funded status,” says Peter Muldowney, business leader for Mercer’s investment consulting […]
CIBC has completed the sale of its U.S. domestic investment banking, equities, leveraged finance and related debt capital markets businesses to Oppenheimer Holdings Inc. The closing also includes CIBC’s Israeli investing banking and equities business. Financial terms of the deal were not disclosed. The sale also includes certain parts of CIBC World Markets’ U.S. capital […]
There will likely be a number of issues shaping the future of the workforce, but the biggest trend over the next decade will be the retirement of baby boomers, according to a survey. The survey, developed by Robert Half International, finds that 60% of senior executives believe boomer retirements will most significantly alter the workforce […]