By Staff | May 8, 2006 | Last updated on May 8, 2006
4 min read

(May 8, 2006) The IDA has slapped a total of $63,000 in penalties, fee disgorgements and costs against on Larry Tobin for conducting business as a portfolio manager without being registered and engaging in discretionary trading.

Tobin also admitted to trying to correct a trading error without reporting it, and failure to use due diligence in determining suitability for the clients. At the time of the infractions in 2003, Tobin was working with TD Securities in Toronto. He has been out of the industry since December 2005.

Tobin has been fined $30,000 fine and must disgorge $28,000 in fees. He has also been suspended for six months and must rewrite and pass the Conduct and Practices Handbook exam and pay $5,000 in costs if he wishes to re-join the industry.

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AGF Elements hits $500m in assets

(May 8, 2006) AGF Funds has announced its fund-of-funds program, AGF Elements, has gathered a half-billion dollars in assets within its first six months.

“Financial advisors asked for a product that provides all of the essential elements of successful investing in one simple solution and given the sales success, it’s clear we delivered with AGF Elements,” says Randy Ambrosie, executive vice-president, sales and marketing, AGF Funds.

The company attributes much of the program’s success to the Elements Advantage feature, under which investors receive up to 0.9 basis points in additional units if the portfolio they hold underperforms its benchmark over a three-year average annualized period.

AGF Elements was launched in November 2005, based on advisor feedback. There are five portfolios available, which are built and monitored by Wilshire Associates.

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Bond index to be delivered via Bloomberg

(May 8, 2006) Anyone with access to a Bloomberg terminal will soon receive the latest data on the S&P/TSX Canadian Bond Index, Standard & Poor’s has announced.

“Integrating S&P/TSX Canadian Bond Index data with Bloomberg’s analytics creates a powerful set of capabilities for our customers in the marketplace,” said Steve Rive, vice president of Standard & Poor’s Canadian Index Services. “This relationship provides an additional channel for financial services professionals to access Standard & Poor’s widely used fixed income information.”

Delivering the data through Bloomberg will give more than 250,000 users around the world access to the latest Canadian bond data.

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Fidelity launches five new funds

(May 8, 2006) Fidelity Investments Canada has added five new funds to the company’s lineup for investors interested in diversifying their holdings outside of Canada.

The new funds include the Fidelity Asia STAR, China and Global Real Estate funds, and two core diversified international funds, the Fidelity International Disciplined Equity Fund and Fidelity International Value Fund.

The Fidelity AsiaStar Fund, managed by Hong Kong based K.C. Lee, invests in equity securities located in the Asia Pacific and in companies that derive a significant portion of their revenues from the region. The fund may also invest in other companies, regardless of their location. Managers may also choose to concentrate the fund’s investments in specific countries or companies. The Fidelity China Fund, managed by Hong Kong based Patrick Lo, invests primarily in equity securities of Chinese and Hong Kong companies and in other companies that derive a significant portion of their revenues from these countries. The Global Real Estate Fund, managed by Steven Buller, invests primarily in Real Estate Investment Trusts and equity securities of companies that invest or operate primarily in the real estate sector.

The Fidelity International Disciplined Equity Fund, managed by Chris Goudie, invests in both developed and emerging markets, excluding the U.S., using the same sector neutral approach used on the company’s other Disciplined Equity funds. The International Value fund meanwhile, invests in companies in developed markets, excluding the U.S.

Fund management fees range, depending on the type of shares sold, from 0.85% to 2%. Front end sales charges are 0-5% negotiable with the client with a 0.5% trailer fee. Commissions on deferred and low-load sales are 4.9% and 1%, paid by the company, with a 1% or 0.5% trailer fee, depending on the low-load option selected. Minimum investment is $500.

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Scotiabank announces executive appointments

(May 8, 2006) Scotiabank has announced new executive appointments in the company’s wealth management and domestic personal lending and insurance divisions.

Barb Mason, currently executive vice-president of marketing, sales and service, has been appointed executive vice-president of wealth management. Jane Rowe, currently president and CEO of Roynat Capital, a Scotiabank Group company, takes over as president and CEO of Scotia Mortgage Corporation and as executive vice-president, domestic personal lending and insurance.

Mason will be responsible for continuing to grow the company’s wealth management franchise, including personal investment and advisory activities, brokerage, retail investments and private client services.

“Wealth management is a key area of growth for Scotiabank,” says president and CEO, Rick Waugh. “Barb’s proven expertise and leadership in database driven marketing, customer segmentation and product design on savings and deposit products and services will be invaluable in achieving our strategic priorities of capturing a greater share of current clients’ business while adding new customers through our multiple delivery channels.”

Rowe, meanwhile, will be responsible for consumer, small business and commercial automotive lending, including mortgages, credit cards, retail loans, automotive finance and indirect lending, dealer financing, risk management and integrated business solutions. She will also have responsibility for domestic insurance services, including creditor insurance.

“Jane has been an exemplary leader with demonstrated results and a tremendous depth of knowledge and experience,” says Waugh. “I look forward to her ongoing contribution the bank and her collaboration with the executive management team.”

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The staff of have been covering news for financial advisors since 1998.