December 5, 2016 – Industrial Alliance Enters into Agreement to Acquire HollisWealth from Scotiabank
Industrial Alliance Insurance and Financial Services Inc. (“Industrial Alliance” or “iA Financial Group”) (TSX: IAG) and The Bank of Nova Scotia (“Scotiabank”) (TSX: BNS, NYSE: BNS) today announced that they have reached an agreement for Industrial Alliance to acquire HollisWealth, a leading Canadian financial network, from Scotiabank. Subject to regulatory approvals the acquisition is expected close in the third calendar quarter of 2017.
Industrial Alliance has completed 25 acquisitions in wealth management since the year 2000 and today has assets under administration (AUA) of more than $40 billion. With the addition of HollisWealth, combined AUA will be $75 billion.
November 2016 – Manulife Vitality Program Highlights Trends in the Insurance Industry
Manulife recently announced a program that tracks your health and rewards you with reduced premiums for living a healthy lifestyle. Once a Vitality life insurance product has been purchased, the insured registers for the program. An online quiz provides a Vitality Age™ as an indicator of overall health. A customized health plan is provided along with tools such as a wearable device that tracks health activities. The insured begins accumulating Vitality Points™ based on healthy activities. As the points accumulate, rewards levels may be achieved that result in reduced premiums for the next policy year.
October 17, 2016 – Mackenzie Financial Corp. Adds 4 Corporate Class Mutual Funds
Although government changes to the tax treatment of Corporate Class mutual funds have reduced their benefit, they still provide some tax benefit. Read the Fraser & Partners blog on Corporate Class mutual funds for more information.
Mackenzie has added four new corporate class funds as follows:
- Mackenzie Canadian Growth Class
- Mackenzie Canadian Growth Balanced Class
- Mackenzie Ivy Canadian Balanced Class
- Mackenzie Ivy Global Balanced Class
October 3, 2016 – New Rules from CRA Regarding the Principal Residence Exemption (PRE)
On October 3, 2016, the Federal government through Canada Revenue Agency (CRA) announced new rules and procedures regarding the Principal Residence Exemption (PRE).
In years prior to 2016 if the sale of a residence generated a capital gain, and the residence was the principal residence for the entire time that it was owned, the gain was eliminated by the PRE, and there was no requirement to report it on a personal tax return. Starting with the 2016 tax year (filing deadline April 30, 2017), to claim the PRE, you must report the sale of your principal residence on Schedule 3 of your tax return.
A principal residence can be a house, cottage, condominium, apartment in an apartment building, apartment in a duplex or a trailer, mobile home or houseboat.
According to CRA, to qualify as a principal residence ALL four of these conditions must be met:
- It is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit owned by that corporation.
- You own the property alone or jointly with another person.
- You, your current or former spouse or common-law partner, or any of your children lived in it at some time during the year.
- You designate the property as your principal residence.
In addition to completing Schedule 3, you must also formally designate your property as a principal residence using CRA form T2091 “Designation of a Property as a Principal Residence by an Individual” (other than a Personal Trust).
September 2016 – Mackenzie Investments introduces TOBAM’s Maximum Diversification® approach
Mackenzie Financial has entered into an exclusive agreement with a European institutional manager, TOBAM Core Investments, to bring to Canada their patented Maximum Diversification® methodology. This is an investment approach totally driven by quantitative analysis. The objective is to outperform the benchmarks with less risk by increasing diversification. TOBAM founder, Yves Choueifaty, describes their approach as truly neutral, correcting for biases in cap-weighted indexes.
August 22, 2016 – BMO prepares for merging of funds
For investors who hold BMO funds, information will be sent out the week of August 22nd on plans to merge funds pending a vote on or around September 19. The purpose of the merge is to streamline and simplify the product line.
|Terminating Fund||Continuing Fund||Effective Date|
|BMO Canadian Low Volatility ETF Class||BMO Global Low Volatility ETF Class||September 23, 2016|
|BMO Enhanced Equity Income Fund||BMO Dividend Fund||September 23, 2016|
|BMO Canadian Diversified Monthly Income Fund||BMO Diversified Income Portfolio||October 14, 2016|
|BMO Global Monthly Income Fund||BMO Global Diversified Fund||September 23, 2016|
August 19, 2016 – Mackenzie Investments announces changes to portfolio managers
David Arpin, Vice-President and Portfolio Manager (22 years of investment experience) and Dina DeGeer, Senior Vice President and Portfolio Manager (29 years of investment experience), have assumed portfolio management responsibilities for Mackenzie Global Growth Class and Mackenzie US Growth Class. They continue ongoing management of Mackenzie Canadian Growth Fund and Mackenzie Canadian Growth Balanced Fund. As a result of these changes, Ashley Misquitta, Vice-President, will be leaving the firm effective August 19, 2016. In addition, Arpin and DeGeer have assumed management of a portion of Mackenzie Emerging Markets Opportunities Class.
David Arpin and Dina DeGeer follow a conservative growth investing style with a focus on high-quality growth companies that generate a growing stream of free cash flow over time. Emphasis is placed on paying less than the estimated fair market value for companies, using a discounted cash flow method.
August 15, 2016 – Sentry Investments appoints Gaelen Morphet as Chief Investment Officer
Sentry announced that Gaelen Morphet will be replacing Sandy McIntyre as Chief Investment Office. Sandy will remain with Sentry as Vice-Chairman of the Board. Gaelen has been in the investment industry for 32 years. Most recently she was the Senior Vice-President and Cheif Investment Officer at a major Canadian Insurance company.
August 11, 2016 – Changes at Bridgehouse
In conjunction with management fee reductions, Bridgehouse asset managers announced re-designation of some of their funds to consolidate their offerings. The transactions will be made at the beginning of September and will eliminate Series AN and FN for specified funds.
Bridgehouse entered into a new collaboration with Morningstar Associates Inc., a unit of Morningstar Investment Management Group. This brings the number of managers on the Bridgehouse Independent Platform to five: Morningstar Associates Inc., Lazard Asset Management (Canada), Inc., Greystone Managed Investments Inc., Sionna Investment Managers Inc. and Brandes Investment Partners, L.P. Their goal is to take advantage of Morningstar’s proprietary research and investment expertise to provide core investment solutions.
July 27, 2016 – Golden Opportunities Fund highlights the success of Solido Design Automation Inc.
Labour-sponsored investment fund, Global Opportunities, announced that one of the companies held in both their Diversified Class A-share Portfolio and Innovation Class i-share Portfolio will double in size over the next two years. According to the news release, Saskatoon-based Solido Design Automation will grow from 50 to 100 employees and expand from 5,500-square-feet of office space to a new 13,000-square-foot-office. Click here to read the full story.
April 4, 2016 – Sentry to simplify the series offered within their mutual fund line-up
Sentry Investments has extended their preferred pricing to include investments in their series A funds as well as P and PF. The P and PF versions will no longer be necessary.
These changes will not result in a taxable event and no action is required by investors. There will be no impact on the management of the funds.
April 1, 2016 – CI announces portfolio management changes at Harbour and Signature
The co-manager of Signature High Income Fund, Signature High Income Corporate Class, Signature Diversified Yield Fund, Signature Diversified Yield Corporate Class and Signature Diversified Yield II Fund, Ryan Fitzgerald, has been reassigned as lead portfolio manager of Harbour Fund, Harbour Corporate Class, Harbour Global Equity Corporate Class and Harbour Voyageur Corporate Class effective April 1, 2016 – all funds are within the CI family of funds.
March, 2016 – CI Investments makes special payments to investors in selected funds
Due to administrative error, CI Investments is sending out cheques to former and current investors in selected funds. Interest income earned by the funds was not recorded as an asset of the funds. CI will be distributing to investors an amount equal to the accumulated interest income. Investors who are entitled to a refund will be notified by mail and payments will begin arriving in March.
December 14, 2015 – Sentry launches 8% fixed-rate series and makes name changes to 15 funds (11 mandates)
For those seeking a higher fixed distribution amount, Sentry has launched a new 8% fixed-rate fund series (T8 or FT8) for Sentry Growth and Income Fund, and Sentry REIT Fund/Class.
Although the following funds have had name changes, there has been no change to objective, strategies or the way in which they are managed.
December 4, 2015 – Supreme Court of Canada affirms shareholders’ rights
In a case between CIBC v. Green the Shareholder Association for Research & Education (SHARE) intervened. The issue revolved around the rights of investors to pursue legal action for misrepresentation in spite of procedural difficulties related to a 3 year time limit. CIBC argued that investors could not proceed because of the time limit. SHARE successfully argued that shareholders must not be prevented from advancing their claims because of procedural difficulties.
November 25, 2015 – Morningstar introduces new Stewardship Award
This is the first year that Morningstar has given the Stewardship Award. Invesco and Mawer were in the running, but EdgePoint Wealth Management received the honour. This award is based on the alignment of the fund company’s interests with that of the investors – in terms of culture, compensation and co-investment practices, fees and regulatory history.
November 25, 2015 – Invesco Canada announces name change for PowerShares Diversified Yield Fund
Effective November 26, 2015, the name of the Fund changed to PowerShares Monthly Income Fund, in an effort to better reflect their emphasis on monthly income distribution. The investment objective continues to be high income and long term capital growth for investors.
November 19, 2015 – Golden Opportunities continues to keep companies in Saskatchewan
Golden Opportunities is a Saskatchewan based labour-sponsored venture capital fund. They continue to implement their strategy of management buy-outs of successful small to medium sized companies seeking succession planning. Their most recent is an investment in DynaVenture, one of Saskatchewan’s Top 100 companies. If you are interested in the details you can visit the press release here.
November 4, 2015 – Annual Lipper Fund Awards
Thomson Reuters annually recognizes the world’s top performers in the investment industry through the annual Lipper Fund Awards for Excellence. The awards honour funds and fund management firms that have excelled in consistently strong risk-adjusted performance, relative to their peers. In Canada in 2015 the list of award winners included some well known names as well as a few newcomers. Fidelity was recognized as the best overall group in Canada this year.
August 19, 2015 – Manulife Investments caps Manulife Monthly High Income Fund
As of Friday, August 28, 2015 new purchases, supplementary deposits and new pre-authorized chequing (PAC) plans for mutual fund and segregated fund contracts will not be accepted for the following funds:
- Manulife Monthly High Income Fund
- Manulife Monthly High Income Class
- Manulife Canadian Balanced Private Pool
Manulife explains that capping these 3 funds that have grown to $11 billion, allows the management team to continue applying their proven approach.
July 6, 2015 – Change at Sentry Investments
On July 6, 2015 Sentry Investments ended their relationship with Dennis Mitchell who had been Chief Investment Officer (CIO) for Sentry since 2012. Sandy McIntyre who mentored Dennis has stepped back into the role of CIO and heads up Sentry’s Global Equity Team.
February 13, 2015 – New managers for IA Clarington Tactical and Global Tactical Income Funds
On February 13, 2015, IA Clarington announced the intended appointment of three portfolio managers.
- Dan Bastasic, currently managing Strategic Income Fund, will accept responsibility for the IA Clarington Tactical Income Fund.
- Boston based asset management firm Loomis, Sayles & Company, L.P.will be taking over responsibility for the IA Clarington Global Tactical Income Fund.
- Jeff Sujitno, currently managing IA Clarington Floating Rate Income Fund, will become the manager of the IA Clarington Tactical Bond Fund.
The investment strategies will be redefined to align with the new portfolio managers approaches.
February 2, 2015 – Standard Life Canada officially owned by Manulife
Effective January 30, 2015 the Canadian operations of Standard Life plc joined Manulife. The harmonizing of insurance and investment products will be completed gradually.
January 19, 2015 – Proposed mergers for three Franklin Templeton Funds
Investors will be asked to vote on the proposed merger of three Templeton Funds into the following:
- Templeton Canadian Stock Fund into Franklin Bissett Canadian Equity Fund
- Templeton Canadian Stock Corporate Class into Franklin Bissett Canadian Equity Corporate Class
- Templeton Canadian Balanced Fund into Franklin Bissett Canadian Balanced Fund
December 12, 2014 – New Managers appointed to CI Canadian Small/Mid Cap Fund
CI is expanding the management of the CI Canadian Small/Mid Cap Fund to include three teams. Effective January 9, 2005, Picton Mahoney Asset Management will be joined by two experienced small cap equity managers – Joe Jugovic and Ian Cooke of QV Investors Inc. and Ted Whitehead of Manulife Asset Management. This brings diverse investment styles to this small/mid cap fund.
December 3, 2014 – Ranking Companies on Human Rights Performance
On December 3, 2014, at the 3rd Annual UN Forum on Business and Human Rights in Geneva, a group of investors, an NGO, a think tank and an investor research agency announced the launch of the first wide-scale project to rank companies on their human rights performance. A total of 500 of the top global companies from four key sectors – Agriculture, Information and Communication Technologies, Apparel, and Extractives – will initially be researched and ranked.
The development of a transparent, publicly available and credible benchmark, the Corporate Human Rights Benchmark (CHRB), will harness the competitive nature of the markets to drive better human rights performance. More information on this development can be found at
November 20, 2014 – Fidelity Announces New Event Driven Opportunities Fund
This new fund launched November 20, 2014, invests in companies that are involved in corporate actions including: index deletions, index additions, 13D filings, mergers, acquisitions, declaring bankruptcy, emerging from bankruptcy, liquidations, form 4 filings, management changes, corporate restructuring, new management, dividend increases, dividend reductions and share buybacks. The fund explores a wide variety of events to discover opportunities for making above average returns.
November 3, 2014 – Launch of IA Clarington Elite Program
The IA Clarington Elite Program was launched on Monday November 3, 2014. The program offers fee discounts to high net worth investors starting at $100,000 per account. This follows announcements from numerous investment firms regarding pricing programs.
October 8, 2014 – Trimark Canadian Small Companies Fund closed to new investors
Invesco Canada announced that the Trimark Canadian Small Companies Fund closed to new investors as of October 8, 2014. Existing investors can maintain their holdings in the fund and continue to contribute, but no new accounts will the set up.
September 23, 2014 – Sentry Launches Personal Pension Portfolios
Sentry Investments announced the launch of 4 Sentry Personal Pension Portfolios, designed to correspond to different investors needs. These portfolios are being managed in the same way that a large pension plan, such as the Canada Pension Plan, is managed. Assets include a 25% allocation to real assets. For more information refer to the press release.
September 3, 2014 – Standard Life PLC
Standard Life Investments Inc. announced the sale of its Canadian business operations to Manulife. The transaction is expected to close in the first quarter of 2015. Standard Life has been operating in Canada more than 180 years. This is indicative of significant changes in the financial services sector globally. This is no cause for concern for investors who own Standard Life products.
September 4, 2014 – Proposed Acquisition of Frank Russell Company (Russell) by the London Stock Exchange Group (LSEG)
Subject to shareholder and regulatory approvals, the ownership of Russell Investments Canada Limited will be taken over by the LSEG. Russell Investments is known for investment research and highly regarded indices used to benchmark investment performance. It is expected that this will strengthen the Russell brand with a parent company out of the UK.
August 13, 2014 – IA Clarington expands role of QV Investors
IA Clarington recently appointed Calgary based QV Investors Inc. as portfolio sub-advisor of the IA Clarington Global Equity Fund (formerly IA Clarington Global Dividend Fund). This fund is available for purchase in both Canadian and US dollar versions, for use in regular and fee-based accounts, with a choice of tax efficient payout options.
Industry recognized QV Investors takes a disciplined approach in seeking above average risk-adjusted returns from a focused portfolio of 25-40 mid and large-cap companies operating in developed countries around the world.
August 1, 2014 – Re-opening of redemptions from Front Street Energy Growth Fund
As of August 1, 2014 shareholders of the labour-sponsored fund, Front Street Energy Growth Fund Inc. were able to redeem their shares. The remaining portfolio assets have been liquidated. A special meeting of shareholders will be held on September 30, 2014 to vote on the wind-up and dissolution of the venture capital fund. Shareholders who have held their shares for less than 8 years will need to wait until after the meeting on September 30th to redeem their shares in order not to be subject to the clawback of the tax credit. When the Federal government announced their intention to phase out the LSVCC Tax Credit, redemptions from the energy growth fund were suspended.
June 13, 2014 – ‘Fund Facts’ are here…
As of June 13, 2014 if you invested in a mutual fund that you didn’t already own, then you will have noticed that the large and bulky prospectus has been replaced by ‘Fund Facts’. These documents have been specifically designed to give investors key information about a mutual fund, in plain language and in a timely manner. You will find them on the websites of the investment firms.
June 13, 2014 – Sentry joins the ranks of investment firms that have recently announced changes in the cost of their management services.
Investors with a minimum $100,000 can take advantage of enhanced preferred pricing across all Sentry funds, which includes tiered-management-fee discounts. Fee reductions are available at $100,000, $250,000, $500,000, $1,000,000 and beyond. Sentry has also enhanced its corporate class with the addition of Sentry Small/Mid Cap Income Class to strengthen the corporate class line-up and provide more choice. The final enhancement provides customizable distributions where investors can elect to reinvest a portion of distributions and have the remainder paid in cash.
May 14, 2014 – Bridgehouse launches new fund and preferred pricing under their Private Client program.
The newest member of the Bridgehouse funds is the Sionna Opportunities Fund. This fund provides exposure to Sionna’s 20 to 30 best ideas from across Canada.
Bridgehouse also announced the introduction of an exclusive pricing structure. Eligibility for Bridgehouse Private Client is based on a minimum investment on a per-fund basis of $100,000 or a minimum of $250,000 or more per household invested across any Bridgehouse Funds. Clients with accounts greater than $500,000 and $1,000,000 benefit from additional management fee reductions.
March 31, 2014 – Change in Schedule for CI Corporate Class Dividend Payout
In 2013 any dividends payable on a corporate class investment were paid out on October 4. To make it easier for clients and their advisors to plan for taxable investment income, CI changed the dividend payment schedule from October to March. In 2014 many of the corporate class funds were in a position of needing to payout dividends which they did in March. Investors with CI Corporate Class funds will see the transaction posted on their account.
March 19, 2014 – Front Street Performance Fee Refund
Front Street has recently refunded a portion of performance fees that were miscalculated. In November 2008 when Front Street amalgamated two of their corporate class fund families, it changed the basis upon which performance fees were calculated. This refund arises due to a revision in the method for calculation of the fee.
Hedge funds and some mutual funds use this compensation structure. There are pros and cons but one advantage is that the portfolio manager’s compensation is directly linked to outperformance.
December 30, 2013 – Phase-out of LSVCC Tax Credit
Last year in the 2013 budget the Federal Government announced their intention to phase out the Labour Sponsored Venture Capital Corporation (LSVCC) Tax Credit. This creates uncertainty for investors in LSIFs such as Golden Opportunities and Front Street Energy Growth Funds. Golden Opportunities is continuing to accept investments and the tax credit is applicable to contributions made at this time. Front Street Energy Growth has taken a different approach. They have suspended redemptions from the energy growth fund due to the illiquid nature of the private companies in the portfolio. They are evaluating the options.
Link to the Government disclosure here: http://www.fin.gc.ca/n13/13-153-eng.asp
November 25, 2013 – Social Investment Organization (SIO) Renamed
Socially Responsible Investing (SRI) has new leadership and renewed enthusiasm with Deb Abbey as Executive Director of SIO now renamed as the Responsible Investment Association (RIA). For more information www.riacanada.ca
November 20, 2013 – AGF’s Social Values Funds
AGF is planning to roll up the Social Values family of funds. The Clean Environment fund will continue, focussed on 4 key themes – energy and power technologies, water and waste water solutions, waste management and pollution control, and environment health and safety. The portfolio manager remains as Martin Grosskopf.
November 12, 2013 – AGF Manager Changes
Effective November 12, 2013 the following funds are no longer managed by Acuity Investment Management Inc. AGF Investments is assuming responsibility for these portfolios, which will be merged into ongoing AGF funds in May, 2014 pending all required approvals.
- AGF High Income Fund to be merged into AGF Monthly High Income Fund
- AGF High Income Class to be merged into AGF Diversified Income Class
- AGF Conservative Asset Allocation Fund to be merged into AGF Canadian Asset Allocation Fund
- AGF All Cap 30 Canadian Equity Fund to be merged into AGF Canadian Stock Fund
- AGF Social Values Equity Fund to be merged into AGF Global Equity Fund
- AGF Social Values Balanced Fund to be merged into AGF Traditional Income Fund
Highstreet Asset Management has been named the manager of AGF Small Cap Discovery Fund.
November 1, 2013 – Dundee Investment Savings Account Name Change
As of November 1, 2013, Dundee Bank of Canada, owned by Scotiabank, changed its name to “Hollis Canadian Bank”. The name reflects some history regarding the bank’s head office building located at 188 Hollis Street in Halifax, Nova Scotia. This historic building was constructed in 1837.
As part of the name change to Hollis Canadian Bank, several associated products issued by the bank will also be renamed:
- Dundee Investment Savings Account (DYN 500 & 550) renamed to Hollis Investment Savings Account
- Dundee US$ Investment Savings Account (DYN 400 & 450) renamed to Hollis US$ Investment Savings Account
- Dundee Corporate Investment Savings Account (DYN 575) renamed to Hollis Corporate Investment Savings Account
October 24, 2013 – Floating Rate Income Funds
To help protect against the negative impact of rising interest rates a number of investment firms have launched new “floating rate” income funds. These funds invest in short term floating rate loans. In our list of recommended investments we have already been referring to Trimark Floating Rate Income Fund.
October 2013 – Desjardins
Desjardins introduced a new product that combines life insurance and long-term care insurance. “LTC Advance is the first product in Canada to combine the benefits of traditional long-term care coverage with life insurance.”
September 1, 2013 – AGF
AGF Trust has amalgamated with B2B Bank effective September 1, 2013. If you have an RRSP or Investment Loan originally with AGF Trust your statements will now be coming from B2B Bank and also a new loan number has been assigned.
August 26, 2013 – AGF
AGF terminating six funds November 1, 2013 as indicated below. Effective August 26th these funds will no longer be available for purchase.
- AGF Dollar Cost Averaging Fund
- AGF Global Real Estate Equity Fund
- AGF Global Real Estate Equity Class
- Acuity Pooled Growth and Income Fund
- Acuity Pooled Social Values Canadian Equity Fund
- Acuity Pooled EAFE Equity Fund
August 2, 2013 – Manulife
Manulife launched four new mutual funds August 2, 2013. The four new funds are:
- Manulife Global Balanced Fund
- Manulife US Dollar Floating Rate Income Fund
- Manulife Canadian Conservative Balanced Fund
- Manulife Preferred Income Class
July 30, 2013 – CI Investments
CI Investments completed the merger of two funds and fund name changes effective July 30, 2013. The funds are as follows:
|Terminating Fund||Continuing Fund|
|Cambridge Canadian Stock Fund||Cambridge Canadian Equity Corporate Class CI|
|Japanese Corporate Class||CI Pacific Corporate Class|
|Former Name||New Name|
|Harbour Foreign Equity Corporate Class||Harbour Global Equity Corporate Class|
|Harbour Foreign Growth & Income Corporate Class||Harbour Global Growth & Income Corporate Class|
|Signature Canadian Resource Fund||Signature Global Resource Fund|
|Signature Canadian Resource Corporate Class||Signature Global Resource Corporate Class|
|Clarica SF CI Signature Canadian Resource Fund||Clarica SF CI Signature Global Resource Fund|
July 26, 2013 – Invesco
Invesco terminated the following PowerShares funds effective July 26, 2013:
- PowerShares Global Clean Energy Class
- PowerShares Global Gold and Precious Metals Class
- PowerShares Global Water Class
- PowerShares Golden Dragon China Class
- PowerShares India Class
- PowerShares QQQ Class
July 8, 2013 – CI Investments
CI Investments launched a new retirement solution: G5/20 Series on July 8, 2013.
May 31, 2013 – Brandes Investments / Bridgehouse Asset Managers
Bridgehouse Asset Managers becomes the new retail trade name for Brandes Investments effective May 31, 2013 as a part of their expanding offerings of three world-class asset managers, which also includes Sionna Investment managers and Lazard Asset Management.