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Canadian Financials & Utilities Split Corp. to redeem shares

The redemption price payable by the fund for a Class A share on that date will be equal to the greater of the NAV per unit on that date minus the sum of $10.00 plus any accrued and unpaid distributions on the preferred shares, and nil. One unit means one preferred share and one Class A share. As at Dec. 31, 2011, the NAV per unit of the fund was estimated to be $15.33, which equates to $5.33 per Class A share and $10.00 per preferred share. The fund’s preferred shares and Class A shares are listed on the TSX under the symbols CFS.PR.A and CFS, respectively. Facebook LinkedIn Twitter Digital Consumer Dividend Fund files IPO Keywords Closed-end fundsCompanies Connor Clark & Lunn Financial Group Ltd., Clark & Lunn Financial Group IE Staff Faircourt migrates two closed-end funds to NEO Connor, Clark & Lunn Capital Markets Inc. says Canadian Financials & Utilities Split Corp. will redeem its preferred shares and Class A shares as scheduled on January 31. The redemption price for a preferred share will be equal to the lesser of $10.00 plus any accrued and unpaid distributions in respect of the preferred shares, and the NAV of the fund on that date divided by the number of preferred shares then outstanding. Related news Share this article and your comments with peers on social media Europe Blue-Chip Dividend & Growth Fund confirms termination date read more

ETF industry to continue growing as competition picks up: report

Share this article and your comments with peers on social media Companies BMO Global Asset Management “While still in its infancy, Canada’s ETF industry has shown impressive growth, with a compounded annual asset growth rate of 18.5% over the last five years, and 28.6% over the last 10,” said Rajiv Silgardo, co-CEO of BMO Global Asset Management. “In 2012, we expect the industry will continue to grow, although competition will be stiffer and market conditions more volatile.” The outlook report suggests that the emergence of new ETF providers will contribute to increased competition this year. “All providers will seek to capture share,” the report says. “There will definitely be more ETFs introduced in 2012, in particular from the newer participants in the industry.” New ETFs are likely to include actively managed ones, according to BMO. While these products are currently only offered by one provider – and comprise a small fraction of industry assets – BMO notes that some “large and well-known” firms are looking to enter this segment of the market. BMO also expects the launch of more hybrid structures in 2012, such as mutual funds that invest explicitly – or partially – in ETFs. As new products emerge and providers compete for market share, BMO expects that prices will come under pressure. “We believe the plain vanilla market capitalization-based ETFs will be cannibalized by cheaper or better constructed alternatives, unless providers can find a new class of investors for those,” the report says. Another theme advisors can expect to see this year is further industry consolidation. Last week, BlackRock Inc. announced a deal to acquire Claymore Investments, Inc., and BMO says this development represents a trend that’s likely to continue, which could lead to the termination of some of the ETFs currently trading on the market. Lastly, BMO’s outlook says advisors should anticipate that ETFs will attract the attention of regulators this year. It notes that in 2011, regulatory concerns emerged in Europe in connection to synthetic ETFs that use asset-based swaps to create desired investment exposures. In particular, regulators expressed concerns around a lack of transparency into the underlying investments of these ETFs, and the potential for conflicts of interest. “While we did not have similar issues in Canada, we believe that regulators globally will be more focused on this industry in 2012. In particular, they will want to educate themselves more as ETFs continue to multiply,” the report says. Megan Harman Facebook LinkedIn Twitter The Canadian exchange traded fund business will continue to grow and evolve in 2012, and advisors are likely to see greater price competition and the emergence of more sophisticated ETFs, according to a new report from BMO Asset Management Inc. In the Canadian ETF Outlook 2012, released on Tuesday, BMO suggests that the industry is set for dramatic change and further growth in the year ahead. Statistics released by the Canadian ETF Association on Monday showed that in 2011, industry assets grew by nearly 13% to $43.1 billion. read more

Help your clients prepare for de-accumulation

Video Player is loading.Play VideoPlayMuteCurrent Time 0:00/Duration 3:37Loaded: 0%0:00Stream Type LIVESeek to live, currently behind liveLIVERemaining Time -3:37 1xPlayback RateChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Share this article and your comments with peers on social media Tina Di Vito Facebook LinkedIn Twitter read more

BCSC investigating two regarding investment scheme

IE Staff The British Columbia Securities Commission is investigating Rashida Samji and Arvindbhai B. Patel (also known as Arvin Patel) in regards to their involvement in an investment scheme. As part of a regulatory investigation, the BCSC is looking at transactions related to an investment sold by Samji. As the sole director and officer of Samji and Assoc. Holdings Inc, Samji was a member of the Society of Notaries Public of B.C., classified as a “roving notary” who covers the practice of other notaries due to illness or vacation. The B.C. Society of Notaries Public suspended Samji on February 7. NASAA approves model act for establishing restitution funds Keywords Investor protection OSC finalizes DSC ban The BCSC is also examining Patel’s role in the sale of the investment. He has been suspended from his position as a financial planner and as a mutual fund salesperson. The investment offered a 12% annual return and funds were purportedly held in a trust account administered by Samji. “We felt it was important to warn investors not to send any money to either of these individuals,” said Lang Evans, Director of Enforcement for the BCSC. “We encourage anyone who had dealings with Samji or Patel to contact the BCSC.” Share this article and your comments with peers on social media Retail trading surge on regulators’ radar, Vingoe says Related news Facebook LinkedIn Twitter read more

Woman fined $20,000 for withholding information from ASC

Mouth mechanic turned market manipulator BFI investors plead for firm’s sale Facebook LinkedIn Twitter Related news The Alberta Securities Commission (ASC) has ordered Meena Singh to pay an administrative penalty of $20,000 for attempting to conceal or withhold information from ASC staff during an investigation. The investigation involved restated interim financial statements of Genesis Land Development Corp. Singh has also been ordered to pay investigative and hearing costs of $7,000. In ordering the administrative penalty, the ASC panel ruled “we perceive a compelling need for general deterrence, which argues for meaningful sanction.” “It is expected that individuals being questioned by staff will be frank and honest in their responses,” the panel added Gobinder Singh (former president and CEO of Genesis), Frank Devcich (former CFO of Genesis) and Thomas Tang previously reached settlement agreements with the ASC regarding their conduct in this matter. Share this article and your comments with peers on social media IE Staff PwC alleges deleted emails, unusual transactions in Bridging Finance case Keywords EnforcementCompanies Alberta Securities Commission read more

BMO InvestorLine introduces adviceDirect

Related news Keywords Discount brokeragesCompanies BMO InvestorLine After securing exemptions from securities regulators, BMO InvestorLine has launched adviceDirect, a personalized service that provides investing advice to online investors. The first service of its kind in Canada, adviceDirect puts investors in control by providing specific investment recommendations to help them manage their portfolios. IE Staff Family of novice investor who killed himself sue Robinhood Biden’s pick for SEC flags trading-app gimmicks for scrutiny Share this article and your comments with peers on social media The online brokerage BMO received an exemption from securities regulators in August, allowing it to operate an online advice service through its discount brokerage platform, and without having to register as an investment advisor. “adviceDirect is tailored for Canadians who want to invest through an online brokerage and receive advice when making investment decisions,” says Connie Stefankiewicz, senior vice president, BMO Financial Group. Clients of the new service will have access to portfolio reviews of asset allocation, risk, diversification and investment rating. Based on this review, personalized buy/sell recommendations are then provided from a powerful quantitative investment engine. Clients will also receive portfolio monitoring and notifications alerting them when their portfolio requires attention. In addition, clients gain access to a dedicated team of investment specialists who can provide advice and guidance throughout the portfolio construction and management process. According to a BMO InvestorLine study, more than two-thirds of Canadians (68%) believe that advice is important when making online investment decisions. “adviceDirect is a game-changer, the most significant innovation in Canadian direct investing since the introduction of online investing,” adds Stefankiewicz. “For online investors who want to keep control, but don’t want to be all on their own, adviceDirect gives the increased confidence of having a co-pilot. This is all about doing it yourself with confidence,” she says. For those investors who are confident making their own investment decisions independently, BMO InvestorLine will continue to enhance it existing service, Stefankiewicz says. Facebook LinkedIn Twitter BMO’s adviceDirect launches premium service read more

Safety comes first for GIC investors: poll

Canadians rank safety of their investments as more important than the highest interest rates when considering Guaranteed Investment Certificates (GICs), suggests a new poll released by Royal Bank of Canada. According to the poll, four-in-10 Canadians (44%) who hold GICs — or would consider holding them — place safety first; highest interest rates come in second, at 32%. IE Staff Related news VCIB launches GIC to help businesses impacted by pandemic Equitable bank introduces GICs in U.S. dollars Meridian launches price-matching GICs “While the popular belief is that the best rate is paramount when choosing to invest in GICs, our findings confirm that Canadians consider guaranteed principal first and foremost, for the protection and safety of their investment,” says Rosalyn Kent, head, GICs and savings, RBC. “We also found that most Canadians are taking a long-term view of their GIC investments, with 65% saying that, when deciding to purchase a GIC, having the flexibility to cash in their GICs before their maturity date was the least important consideration.” The oll found that today’s GIC investors would be interested in increased benefits and flexibility, such as: GICs that offer an interest rate that increases every year (80%); GICs that provide a regular income (70%); and GICs that are linked to the stock market (65%). The RBC 2012 GIC Poll was conducted via the Ipsos I-Say Online Panel, Ipsos Reid’s national online panel. A sample of 1,297 Canadian adults — with minimum household assets of $2,500 — was surveyed June 12 to 18. Keywords GICs — Guaranteed investment certificates Share this article and your comments with peers on social media Facebook LinkedIn Twitter read more

Political uncertainty clouds economic outlook, says Jestin

Political risks will dominate the global investment environment next year, leaving investors continuing to seek safe havens, according to Warren Jestin, senior vice president and chief economist at Scotiabank. “We see a year next year that is really layered very heavily with political risk, almost everywhere you look,” said Jestin, who spoke at the Toronto CFA Society’s annual forecast dinner on Tuesday. In an interview, he said the outlook for the U.S., in particular, is clouded by political uncertainty, between the upcoming presidential election and key fiscal decisions looming. Regardless of which presidential candidate is elected, Jestin anticipates a “disquieting period” for the markets, as he doesn’t expect a long-term solution to the country’s fiscal problems to be reached anytime soon. “It’s going to be a Band-Aid, as we’ve seen in the past,” he said. “We’re not going to resolve anything in the U.S.” Against this backdrop, Jestin anticipates growth of 2-2.5% for the U.S. economy next year, with the housing market and employment showing modest improvement. Europe also faces considerable uncertainty in 2013, with many European countries likely to remain in recession into next year, Jestin said. “I would be on the more pessimistic side of the camp with respect to Europe,” Jestin said. He predicts that the continent will still be facing a variety of challenges in five years’ time, given the vast scope of the social, political and demographic issues in that region. Emerging markets, meanwhile, show stronger prospects for next year. However, growth levels will likely be less robust than those investors are used to seeing. Jestin expects growth of at least 7.5% from China in the next two to three years, and less than 6% growth for India. “The emerging world is going to be driving global growth next year,” he said. While emerging market growth will be more subdued than previous years, it will be strong enough to provide some support to commodity prices. “It doesn’t mean prices aren’t going to come down,” Jestin said, “but what it does mean is that…prices will stay high enough that capital investment will remain strong in the resource sector.” The Canadian economy is poised to grow roughly in line with the U.S. next year, expanding by 2-2.5%. However, a pullback in the housing market and slower growth in employment could dampen economic expansion in this country. “That tends to hold back growth,” Jestin said. In an overall unstable global environment, investors will continue to be wary of taking on risk in 2013, Jestin said. “Investors will continue to invest in safety, security and liquidity, because they don’t like the shape of the world, at least in the developed world,” he said. He warned that investors should be cautious of bonds in the current environment. Although Jestin doesn’t expect the Bank of Canada to raise interest rates in 2013, he said bondholders should be anticipating eventual rate hikes. “From a bond investment point of view, there’s still a lot of potential volatility, and I think all the risk is on the upside,” he said. In terms of equities, Jestin urges investors to seek out globally diversified companies with strong balance sheets. “There may be some very good stories in the North American space,” he said. Share this article and your comments with peers on social media Megan Harman Companies CFA Society Toronto Facebook LinkedIn Twitter read more

BlackRock Sliver Bullion Trust converts to ETF

Facebook LinkedIn Twitter Share this article and your comments with peers on social media Effective November 5, SVR will become the first and only physical silver bullion ETF listed in Canada offering both hedged and non-hedged units providing investors with the option to invest according to their view of the U.S. to Canadian dollar exchange rate. SVR seeks to replicate the performance of the price of silver bullion, less fees and expenses. To achieve its investment objective, SVR invests in long-term holdings of unencumbered silver bullion in 1,000 troy ounces international bar sizes. SVR does not speculate with regard to short-term changes in silver bullion prices and is not actively managed. The prospectus disclosure of SVR has been updated to reflect the conversion and certain other related changes. Effective, November 5th, the ticker symbol for the hedged units will change to SVR (formerly SVR.UN) and the ticker for the non-hedged units will remain the same SVR.C. IE Staff Companies BlackRock Canada Toronto-based BlackRock Investments Canada Inc. said Monday it is converting the closed-end fund, BlackRock Silver Bullion Trust (TSX:SVR.UN), into an exchange traded fund (ETF), renamed the iShares Silver Bullion Fund (TSX:SVR). “We are excited to announce the conversion of our SVR fund to an ETF structure that will provide Canadian investors a more liquid and efficient option for accessing exposure to physical silver bullion,” said Mary Anne Wiley, managing director and head of iShares at BlackRock Canada. “This conversion further broadens and solidifies our iShares ETF commodity fund family providing investors yet another tool to diversify their portfolio”. read more

Retirees wish they had started saving decades earlier: poll

Survey finds Canadians aren’t sure how much they’ll need for retirement The other top suggestions from retirees are: contribute the maximum amount to your RRSP each year (44%) and pay off all debts before retiring (43%) The poll revealed that the majority (60%) of working Canadians do not plan to save for their retirement as long as today’s retirees recommend, with 15% saying they will spend less than five years saving for retirement: 9% said they will save for less than five years and 6% said they won’t actively save for retirement at all. In contrast, when retirees were asked how long they think they should have saved for their retirement, more than two-thirds (69%) said they should have saved for their retirement for more than 25 years. The poll found that a significant number of working Canadians plan to work longer than current retirees did during their careers. About two-thirds of working Canadians expect to retire in their 60s (64%): 28% in their early 60s and 36% after 65. Sixteen per cent think they will keep working into their 70s. This is later in life than current retirees, who said they left the full-time workforce in their late 50s (36%) or early 60s (25%), with only 3% working into their 70s. Thirty-nine per cent of working Canadians expect to retire with some debt, despite retirees’ advice that they should try to tackle it before leaving the workforce. TD Bank Group commissioned Environics Research Group to conduct an online custom survey of 2,407 Canadians 25 years of age or older, including 1,251 working Canadians and 929 retired Canadians. The total sample was weighted by age, gender and region to be proportionately representative of the Canadian population 25 years of age and older. Responses were collected between Dec. 5 and 11, 2012. Earnings surge for Great-West Lifeco in Q4 Related news Keywords Retirement Canadian retirees have a wake-up call for the majority of working Canadians who expect to retire in their 60s: stop procrastinating and start saving for retirement now. According to findings from the TD Retirement Realities Poll, the top piece of advice retirees have for working Canadians is to save more money by creating a budget and sticking to it (52%). IE Staff Snowbirds win legal battle to reinstate out-of-province medical coverage Facebook LinkedIn Twitter Share this article and your comments with peers on social media read more

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