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Industry Updates

October 3, 2017 – National Financial Insurance Agency Re-brands as Hollis Insurance Inc.

National Financial Insurance Agency (NFIA), is a Managing Financial Insurance Agency (MGA) and a subsidiary of the iA Financial Group. In August 2017 they finalized the acquisition of HollisWealth Insurance Agency Ltd. The merger makes it one of Canada’s largest distributors of insurance products and services with over 4,000 licensed advisors across the country. NFIA has acquired a number of MGAs over the past few years, all of which will now operate as Hollis Insurance Inc.

October 2, 2017 – iA Clarington and PineBridge Investments Form Partnership

iA Clarington Investments Inc. announced a sub-advisory relationship with global asset manager PineBridge Investments LLC. PineBridge manages over US$85 billion in assets under administration and provides active income offerings adding to iA Clarington’s income producing mutual fund selections.

The three new funds are:

  • iA Clarington Emerging Markets Bond Fund
  • iA Clarington Global Bond Fund
  • iA Clarington Global Yield Opportunities Fund

October 2, 2017 – Continued Backlash In Light of Proposed Federal Tax Changes

Small business owners and professionals were shocked by the July 18, 2017 release of proposed tax reform aimed at tax planning strategies used by private corporations. There is much concern about the impact of these changes on the Canadian economy and middle income Canadians who depend on jobs created by small business.

September 28, 2017 – Distribution Frequency Changes on iA Clarington Funds

A Clarington announced that 5 of their funds will change from annual to monthly distribution frequency to better meet the needs of clients drawing income from their portfolios. The five funds are:

  • iA Clarington Strategic Income Fund
  • iA Clarington Strategic U.S Growth & Income Fund
  • iA Clarington Tactical Income Fund
  • iA Clarington Global Growth & Income Fund
  • iA Clarington Global Tactical Income Fund

The first monthly distribution will occur on September 29, 2017.

September 26, 2017 – Sprott Asset Management Becomes Ninepoint Partners LP

Effective September 26, 2017, the former management team of Sprott Asset Management LP launch the new brand Ninepoint Partners LP. The rebranding completes the transition initiated with the management-led buyout of the diversified asset business from Sprott Inc. on August 1, 2017.

September 25, 2017 – iA Clarington MER Changes

Effective September 25, 2017, iA Clarington revised their management expenses (MER) to bring them in line with current industry costs. This resulted in fee reductions for some of their investment funds (notably Inhance SRI portfolios) as well as increases for others.

iA also announced enhancements for their elite pricing program for higher net worth investors. Investors with $2.5 million in a single account will now receive a 12.5 basis point (0.125%) rebate on every dollar invested; at $5 million, the rebate is 15 basis points (0.15%).

September 11, 2017 – Purpose Investments to Purchase Mutual Funds Owned by LOGIQ Asset Management

On September 11, 2017 LOGIQ Asset Management Inc. and Purpose Investments Inc. announced the had entered into a Purchase and Sale Agreement. Purpose will be acquiring $32.9 million of LOGIQ’s retail asset management contracts adjusted based on AUM (assets under administration) at the time of acquisition. The transaction is expected to be completed by the end of December pending all conditions are met.

September 7, 2017 – Equifax Announces Information Hack

Equifax, an American based consumer credit reporting agency, announced they had become aware of a security breach on July 29, 2017 that compromised the personal information of approximately 182,000 U.S. consumers. According to the company, limited information for certain UK and Canadian residents was also exposed. Equifax responded with apologies and access to free credit monitoring and identity theft protection for all impacted Canadian residents.

An article in the Investment Executive published on September 13, 2017, reported that “Equifax Canada’s customer service agents are telling callers that only Canadians who have had dealings in the United States are likely to be affected…” read the full story

To contact Equifax Canada about the incident, you can call 1-866-699-5712
or email EquifaxCanadaInquiry@Equifax.com

September 7, 2017 – Excel Funds Management to be Acquired by Sun Life

On September 7, 2017 Sun Life Global Investments (Canada) Inc. and Excel Funds Management Inc. announced the agreement for Sun Life to purchase all outstanding shares of both Excel Funds Management Inc. and Excel Investment Counsel Inc. (collectively, “Excel Funds”). Prior to this, Sun Life’s ownership stake was 49%.

Excel Funds specializes in emerging market funds with approximately $700 million in assets under management.

September 6, 2017 – Bitcoin Investment Manager First Block Capital Granted Registration by B.C. Securities Commission (BCSC)

On September 6, 2017 it was announced that First Block Capital Inc. is the first cryptocurrency investment fund manager to be registered by BCSC. The registration allows First Block to operate a bitcoin investment fund that will be regulated by BCSC. The conditions of the registration allow for some flexibility to allow First Block to operate under regulation while providing tools for the British Columbia Securities Commission to evaluate risks for the innovative fund type.

September 5, 2017 – Trade Settlement Timeframe Shortened

As of September 5, 2017 the trade settlement cycle for purchases and redemptions was reduced industry wide from trade date + 3 days to settle (T+3) to T+2. Trades for purchases and redemptions placed before 3:00 pm (Central time) will now settle 2 days later. Switches continue to settle overnight or T+1. For example, the settlement date for a redemption refers to the date upon which the cash proceeds becomes available for transfer to the investor’s bank account.

August 10, 2017 – CI Financial Corp (CI) to Acquire Sentry Investments Corp.

On August 10, 2017, CI and Sentry announced the agreement for CI to acquire all outstanding shares of Sentry.

Sentry stated in their press release that “under the agreement, CI will acquire all of the outstanding shares of Sentry and its subsidiary Sentry Investments Inc., for a total of $780 million payable in $230 million in cash and the balance in CI shares. The transaction is expected to close on or about September 29, 2017, subject to regulatory approvals.”

June 17, 2017 – Changes to Reporting Standards on New Investment Accounts, Life Insurance, Segregated Funds and Annuities

The Common Reporting Standard (CRS) is an information standard for the exchange of financial and tax information. It expands on the United States Foreign Account Tax Compliance Act (FACTCA). As of July 1, 2017, Canada and over 100 other countries worldwide have agreed to comply with CRS to combat tax evasion.

New Reporting Requirement:

  • Effective July 1, 2017 – All Account/Policy Owners (individual and Entity) will be required to declare their residency for tax purposes and provide their tax identifier number.

Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financial Act (PCMLTFA) was created to detect and deter money laundering and the financing of terrorist activities.

New Reporting Requirements:

  • Effective June 17, 2017 – Additional reporting requirement on Foreign and Domestic Politically Exposed Persons (PEP/PEPD), the Head of an International Organization (HIO), and or/ their family members and close associates.
  • Effective July 1, 2017 – Government issued photo ID is required to identify a client.

May 12, 2017 – Name Change for Most of the Aston Hill and Front Street Funds to LOGIQ

As a result of the combination of Aston Hill Financial Inc. (now LOGIQ Asset Management Inc.) and Front Street Capital 2004 (now LOGIQ Capital 2016) to create LOGIQ Asset Management Inc., the “Front Street” group of funds will be changed to reference the LOGIQ name.

If you owned Front Street Energy Growth Fund (Labour Sponsored Fund) or any of their other regular mutual funds, the name will reflect this change of ownership.

April 28, 2017 – Title Restrictions for Financial Planners Announced by Ontario Government

In the 2017 budget, the Ontario government committed to restricting the use of the title “financial planner” and other titles that could confuse or mislead consumers, to individuals who are qualified and accountable for their professional conduct. Currently Quebec is the only province in Canada that restricts who can call themselves a “Financial Planner”. The Province of Ontario is working with regulators on enforceable standards. The government will also examine the feasibility of a universal best interest duty for all professionals providing financial advice. This standard ensures the client’s interests come before all others – a standard already adhered to by Certified Financial Planners.

April 27, 2017 Invesco to Buy European ETF Provider Source

Invesco will expand its Exchange Traded Fund (ETF) offerings by acquiring Source from private equity firm Warburg Pincus and a group of banks. The transaction includes assets under administration (AUM) with Source of $18 billion (US) and $7 billion (US) of externally managed AUM.

March 28, 2017 – Mackenzie Announces Preferred Pricing Service

Mackenzie has implemented automatic pricing enrollment for preferred pricing in their Private Wealth Series when investors reach qualifying dollar amounts as follows:

  • Initial investment of $100,000 per fund, per account,
  • Fund minimum waived at $250,000 household assets (investors living at the same address)

Funds must be Series PW, PWX, PWF or PWFB.

March 7, 2017 – Sentry Announces Two New Senior Portfolio Managers

Sentry Investments welcomed Lieh Wang, Vice-President and Senior Portfolio Manager to strengthen the firm’s North American equity capabilities and Paul Johnson, Vice-President and Senior Portfolio Manger, to head up the global equity team.

Sentry has been making a number of shifts in their team to strengthen their capabilities and breadth of knowledge. Click here for the full press release.

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.

Sentry fund name changes - Dec 14_2016

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
http://www.eiris.org/wp-content/uploads/2014/12/Press-Release-Launch-of-Corporate-Human-Rights-Benchmark-3-Dec-2014-.pdf

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.