Auckland International Airport Limited, which is facing a partial takeover bid from the CPPIB, has signed a confidentiality deed with an international party that has expressed interest in the company. The unnamed party had initially expressed an interest when the board asked its financial advisors to seek any other takeover offers in November. Following the […]
The Bank of New York Mellon Corporation has completed its acquisition of ABN AMRO Mellon Global Securities Services B.V. following regulatory approval from the Dutch regulator. Terms of the deal have not been disclosed. ABN AMRO Mellon, the 50-50 joint venture company established by Mellon Bank and ABN AMRO in 2003 to provide global custody […]
RBC Dexia Investor Services has introduced security level attribution, the first in a series of enhanced -investment analytics services for institutional investors. It’s a new service that provides institutional investors with detailed fund analysis and concise performance reporting. “Security level attribution provides institutional investors with access to the detailed performance insight they demand, without the […]
The CPP Investment Board has purchased approximately $6 billion of bank-sponsored asset-backed commercial paper(ABCP)since mid-September. “Current market conditions present good opportunities to purchase high-quality, bank-sponsored fixed-income securities at an attractive yield to earn risk-adjusted returns,” says a news release from the board. “The opportunity stems from confusion in the marketplace between high-quality bank-sponsored ABCP and […]
The Nova Scotia Supreme Court has ruled that Michelin’s contribution holidays were valid, according to Morneau Sobeco’s News & Views. The issue was the validity of plan amendments that allowed the company to take $268 million worth of contribution holidays from 1984 to 1988 and 1995 to 2001, when the plan was in a surplus […]
Canadian workers have won new legal protection for their wages and pension contributions if their employer goes bankrupt as a result of new legislation. Bill C-12 – An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act, the Wage Earner Protection Program Act and Chapter 47 of the Statutes of Canada, […]
For the second month in a row, globe investor confidence is down, driven mostly by North American institutional investors. The State Street Investor Confidence Index fell by 9.9 points to a level of 65.9 in December, down from last month’s reading of 75.8. North American investors were once again the key drivers of this decline, […]
The Ontario Medical Association(OMA)has selected Sun Life Financial Canada as the insurer for its optional health plan for physicians, effective January 1, 2008. This program was negotiated by the OMA and is the result of the 2004 – 2008 Physician Services Agreement. The plan will be available to more than 20,000 physicians currently practising in […]
RBC Dexia Investor Services has been selected by AXA Australia to provide custody services for that company’s new superannuation and pension platform called ‘North’. The announcement represents an expansion of the existing working relationship between the two companies. RBC Dexia currently provides custody services for AXA Australia’s ‘Summit’ and ‘Generations’ platforms. “We have enjoyed an […]
The pan-Canadian investors committee for third-party structured asset-backed commercial paper(ABCP)has missed its deadline to come up with a restructuring plan. The deadline, which was Dec. 14, has now been extended until Jan. 31, 2008. The restructuring aims to replace the ABCP with notes having a maturity similar to the maturity of the underlying assets and […]