By Staff | February 16, 2010 | Last updated on February 16, 2010
3 min read
Previous Brieflies this week: | MON | TUE | WED | THU |

Sprott Asset Management has named Scott Colbourne as senior portfolio manager, overseeing the fixed income component of Sprott mutual funds, hedge funds and discretionary accounts.

“We are very pleased to add a portfolio manager of Scott’s calibre to our investment team,” said James Fox, president of Sprott. “Scott is extremely well respected in the industry and has established an enviable track record of managing a range of investment solutions, including fixed-income and balanced funds, as well as foreign exchange portfolios and fixed income hedge funds for some of Canada’s leading asset managers.”

Colbourne started his career at the Bank of Canada and has worked in investment industry for more than 22 years. Prior to joining Sprott, Colbourne served as senior fixed income portfolio manager at TD Asset Management, managing all of the firm’s active fixed income institutional, retail and private client assets.

“With Scott’s hiring, along with the recent addition of Peter Loach as executive vice-president of product development, we continue to attract top talent to our team as we work to expand and diversify our client solutions and product line-up,” Fox added.

• • •

Exempt Market Dealers catch a break in Alberta

The Alberta Securities Commission is cutting exempt market dealers some slack.

A blanket order, which will come into effect on March 27th, will exempt a person trading in securities from the registration requirements outlined in National Instrument (NI) 31-103 Registration Requirements and Exemptions when relying on certain commonly used prospectus exemptions contained in NI 45-106 Prospectus and Registration Exemptions.

After receiving feedback and going through the requirements themselves, the ASC decided they were unnecessary and onerous.

“As a result, this blanket order offers relief to those who can meet its specific conditions while still offering protection to Alberta investors and market,” said David McKellar, ASC’s director of market regulation.

In the blanket order, the conditions of exemption are:

  • The person cannot be registered or be required to be registered in any jurisdiction;
  • cannot offer suitability advice;
  • must obtain a risk acknowledgement form signed by the purchaser;
  • cannot provide financial services to the purchaser other than in connection with the prospectus-exempt distribution;
  • cannot hold or have access to the purchaser’s assets; and
  • must file an information report to ASC (or an update to the information report, if applicable) within 10 days of relying on exemption.

  • • • •

    Desjardins Group helping Haiti

    The Desjardins Group will be aiding Haiti in the reconstruction of its economic system by bolstering its support to Le Levier, a federation of Haitian financial cooperatives.

    Desjardins will start by rebuilding the cooperatives’ infrastructures, data bases and computer systems. Desjardins will also be helping with the status of portfolios and implementing a strategy for contacting members, helping community-based mutual aid groups and also assisting in restarting economic activities in the areas of retail business, hardware, general mechanics, building tradespersons and sale of foodstuffs.

    “Le Levier financial cooperatives play a key role in Haitian communities, and thanks to the expertise of Développement international Desjardins, we’ll be able to help them not only to rebuild their infrastructure but also to actively breathe new life into local economic activity,” said Monique F. Leroux, president, CEO and board chair of Desjardins Group,.

    The Le Levier federation is comprised of 50 cooperatives and 23 points of service that supply savings and credit services to their 340,000 members and clients, representing 20% of the Haitian population. The devastating earthquake killed four federation employees and two officers. The Le Levier federation is now estimating the scope of the damage brought about by the earthquake on the infrastructures of the cooperatives, six of which were destroyed and a half-dozen damaged, and on the ability of its staff to gradually return to their usual activities.

    • • •

    Claymore Gold Bullion Trust becomes an ETF

    Beginning today, the Claymore Gold Bullion Trust will now be traded as an ETF and the name has been changed to the “Claymore Gold Bullion ETF”.

    By converting to an ETF, the fund is expected to provide unitholders with several benefits including more efficient trading as well as greater market liquidity. The conversion to an ETF will not change the investment objective or investment restrictions of the fund.

    “We are proud to be able to provide investors with Canada’s first physical gold bullion ETF which is intended to provide enhanced liquidity to the marketplace in a secure, convenient and low-cost manner,” said Som Seif, president of Claymore Investments.

    (02/16/10) staff


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