By Staff | August 29, 2007 | Last updated on August 29, 2007
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(August 29, 2007) CSI Global Education, which administers the Canadian Securities Course, among other programs, has held a special graduation ceremony for 28 employees of Guangfa Securities, one of China’s top securities firms.

“Canada’s expertise in the financial services industry coupled with our high level of proficiency standards can help accelerate the growth of capital markets globally,” said Dr. Roberta Wilton, president and CEO of CSI. “This new program is designed to bring Canadian financial practices and operations to one of the world’s fastest growing financial services markets: China.”

CSI had teamed up with Securities Association of China, the country’s securities SRO, to provide an in-depth training program on topics ranging from financial services best practices to investment banking operations, risk management and strategic wealth management.

“In any endeavour, education is the key to success, and Canada, through CSI, has a strong reputation in financial services education,” said Dr. Jianyong Li, president and CEO of Guangfa Securities. “Working with CSI, we have made a strong investment in our people and in the future of our company. Our work here will benefit Guangfa greatly in China’s rapidly growing marketplace.”

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Blumont takes over Augen marketing

(August 29, 2007) BluMont Capital has struck a deal to acquire the portfolio management, sales and marketing, and back-office functions of Augen Capital’s flow-through fund business, which includes the Augen Resource Strategy Fund (RSF).

Augen will remain the flow-through consultant responsible for sourcing mineral investments. BluMont will be establishing new flow-through funds and, subject to unitholder approval, will replace Augen as manager of Augen RSF.

“We are delighted that Augen’s top-tier investment performance on its flow-through limited partnership offerings is now complemented by a national sales force,” said J. David Mason, chair of Augen. “This deal permits Augen to focus on its core expertise — stock selection in the emerging resource sector.”

Augen will share the management and performance fees payable by existing and new funds and will share the due diligence fees from the resource issuers in which the funds invest. The agreement expires on December 31, 2010, unless extended by BluMont and Augen.

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HUB integrates data services

(August 29, 2007) Hub Financial has announced that it has fully implemented EDS SOLCORP’s IDEX data messaging and transformation services on its WealthServ platform.

The WealthServ-IDEX environment collects data from application originators, converting it to any required format and delivering it in real time. It supports XML, ACORD XM-Life, mutual fund data standards, legacy files and other standards.

“Implementing IDEX on the WealthServ platform has enabled our brokers to deliver services to their clients at a level unparalleled in the industry,” said Terri DiFlorio, president of Hub Financial. “With 24-hour availability via the Internet, automated updates, data feeds and seamless data exchange between all points in our distribution channel, our brokers can concentrate on the sales process and leave the rest to us.”

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IDA sanctions Peterborough advisor

(August 29, 2007) The IDA has slapped a fine of $35,000 on Ronald Keith Furevick, of Peterborough, Ontario, after he admitted to contravening bylaw 29.1.

Furevick admitted that he did not disclose that he was the beneficial owner of an account in the name of Donald Verhash, and that he had intentionally misinformed his compliance staff that transactions in that account were being directed by Donald Verhash.

He also admitted that he had made unauthorized trades in five accounts belonging to five different clients, none of whom suffered losses but were unnecessarily exposed to market risk of which they were not aware.

On top of the fine, Furevick must pay $25,000 in costs, is barred from holding any supervisory roles for 10 years, and is suspended from approval in any capacity for 18 months. Both suspensions took effect January 1, 2006.

He must also rewrite and pass the examination based on the Conduct and Practices Handbook before being re-approved in any capacity and is subject to one year of close supervision upon re-approval.

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Integra overhauls fund lineup

(August 29, 2007) Integra Capital, which manages institutional and private client assets, has announced that the Integra Equity Fund will no longer be available under prospectus but will now be sold under exemption to accredited investors and members of a capital accumulation plan.

Integra also announced that in Q4 of this year, Gryphon Investment Counsel will become sole portfolio manager of the Integra Short Term Investment Fund.

Starting in January 2008, the Integra Balanced Fund will invest in the securities of the Analytic Core U.S. Equity Fund (5.5% of the total portfolio), the Acadian Core International Equity Fund (3.5%), the Integra Bond Fund (39.0%) and the Integra PanAgora Dynamic Global Equity Fund (18.0%). These allocations will not be allowed to deviate by more than 2.5%. Remaining assets will be managed by J. Zechner Associates (8% of the portfolio), Gryphon (14.5%) and Lincluden Management (11.5%).

Integra also appointed PanAgora Asset Management as portfolio manager of the Integra PanAgora Dynamic Global Equity Fund.

(08/29/07) staff


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