By Staff | February 3, 2010 | Last updated on February 3, 2010
3 min read
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AGF Management Limited has appointed Thomas Clancy as director of U.S. business development, AGF Investments America Inc., as part of its drive into the U.S. institutional investment market.

“We are pleased to welcome Tom to our growing and experienced U.S. team led by AGF managing director Richard Nino,” said Gary Wing, AGF senior vice-president, institutional. “Tom’s expertise in the institutional field and knowledge of the industry will help strengthen our expanding presence in the U.S.”

In his new role, Clancy is responsible for the introduction of AGF’s investment solutions to the institutional plan sponsor and investment consultant communities within the Northeast, mid-Atlantic and Southeast regions of the United States.

Best known as a retail mutual fund provider, the firm recently reported $18.9 billion in institutional assets under management, an increase of 47.8% for the year ending November 30, 2009.

AGF plans to increase its international presence in Europe and Asia in the coming months.

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CPPIB to increase Canadian private equity and venture capital funding

The Canada Pension Plan Investment Board (CPPIB) has committed an additional $400 million to the Canadian private equity and venture capital market.

The funds will go to a Canadian fund-of-funds program that will be managed by CPPIB’s investment partner Northleaf Capital Partners with a mandate to focus on Canadian small/mid-market buyout, venture capital and growth equity funds that are seeking to raise $750 million or less in capital commitments.

“Expanding our investment in a Canadian fund-of-funds is a highly effective way for us to access small to middle-market Canadian private equity transactions and top Canadian venture capital managers,” says Mark Wiseman, senior vice-president, private investments with CPPIB. “We believe that these investments will generate attractive risk-adjusted returns over time.”

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Taxes need to be made easier: PwC

Canada’s tax regime requires a serious overhaul to make compliance easier for small and medium sized businesses, according to a report from PricewaterhouseCoopers.

In a study of 183 countries, Canada ranked 28th in terms of ease of paying, and 30th in the amount of time it takes to comply with tax laws.

The ease to compliance is important, as it can improve the efficiency of business filers and reduce non-compliance. The global recession has cut deeply into the tax revenues of most governments at a time when they are increasing spending.

“Government efforts to streamline tax procedures and reduce time spent on compliance can make an important difference for small and medium enterprises, especially in difficult economic times,” says Lincoln Schreiner, Tax Services partner and leader of the Vancouver international tax services department with PwC. “Governments are now thinking harder about the right balance between maintaining sufficient public revenues for the future and incentives that will continue to provide investment and economic growth in the private sector.”

In the past year, 45 countries made improvements to their tax systems, making it easier for businesses to pay their taxes.

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CIBC launches iPhone banking app

CIBC has launched what it is calling the first mobile banking application for the iPhone to be offered by a major Canadian bank. The CIBC Mobile Banking App allows clients to check account balances, transfer funds, pay bills and send INTERAC Email Money Transfers.

“Whether waiting for the bus, sitting in the bleachers at their child’s minor hockey game, or having a coffee at their local coffee shop, our clients can perform their day-to-day banking transactions conveniently and securely, anytime and from anywhere they can access the internet on their phones,” said Sonia Baxendale, president CIBC Retail Markets.

The app also uses the iPhone’s GPS system to locate the nearest branch or automated teller.

“We are making substantial investments so that our clients have the ultimate in banking choice and flexibility whether they are visiting a branch, using an ABM, using telephone banking, banking online or when they are on the go with mobile banking,” said Baxendale.

(02/03/10) staff


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