The Canadian Investment Awards were handed out Wednesday night at a gala ceremony held at the Fairmont Royal York Hotel in Toronto. “Never before has leadership and long-term vision been more important to recognize than in these markets,” said Sabine Steinbrecher, founder of the CIAs. “Leaders are making substantial efforts to continue to serve Canadians […]
There is a growing chorus of calls for the reform of Canada’s system of private pension plans, after some corporate plan sponsors suggested they may face bankruptcy unless solvency rules are eased. Many private pension plans are facing massive solvency shortfalls, due to horrendous losses in their equity portfolios. Come year-end, these companies will be […]
The Office of the Superintendent of Financial Institutions (OSFI) has announced revisions to its capital rules for segregated fund guarantee obligations, obligations for life insurers with approved internal models. The changes mean that approved insurers will face less pressure to shore up their capital reserves, which have been hit hard in the past two months […]
CI Financial has announced that it will convert back to a corporate structure, ahead of the Jan. 1, 2011 imposition of a new tax regime that will eliminate the advantages of the income trust structure. “The unprecedented situation in today’s markets has created attractive opportunities for acquisitions in the asset management business,” says chief executive […]
Finance Minister Jim Flaherty has hinted that the government of Canada may provide additional supports to the domestic banking system, following Britain’s partial nationalization of three U.K. banks. While Canada’s banks are considered to be quite solid, Flaherty explained that he would take whatever measures were necessary to ensure foreign banks did not gain a […]
The Royal Bank of Canada has agreed to a settlement with the U.S. Securities and Exchange Commission which will see the bank buy back up to US$850 million in auction rate securities it sold to American investors. The bank will but the securities at par value, from individual investors, charities with RBC account balances below […]
If there was any doubt that North America is in a recession, it has been laid to rest by five of Canada’s top economists, speaking at the Economic Club of Toronto on Monday. The only question that remains is: How bad will this be? “Trying to do an economic forecast in this kind of turmoil […]
Industrial Alliance Insurance and Financial Services has struck a deal that will expand its presence in the wealth management business. The Quebec-based insurer will acquire 100% of the shares of National Financial Corporation, the corporate parent of AEGON Dealer Services Canada, Money Concepts (Canada) and National Financial Insurance Agency. Industrial Alliance already owns Investia Financial […]
Today’s pension rules unfairly bind the hands of employers, forcing sponsors of defined pension plans to take on excessive risk while offering little compensation, according to a top benefits consultant. In its submission to the Ontario Expert Commission on Pensions, Watson Wyatt points out that employers face conflicting requirements—they must mitigate the risk to plan […]
CI Financial has announced it will make an unsolicited offer to acquire all outstanding common shares of DundeeWealth, and is willing to pay a hefty premium. The bid is $20.25 per share, a premium of 52% over Monday’s closing price of $13.31. “Our offer is 52% above today’s closing price for DundeeWealth and 59% above […]