By Staff | April 12, 2010 | Last updated on April 12, 2010
3 min read
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Sprott Inc. has named John Ciampaglia as the new chief operating officer of Sprott Asset Management LP.

Ciampaglia has worked in the investment industry for 17 years. He has served as senior vice-president, product development at Invesco Trimark, as well as held multiple product management and research roles at TD Asset Management.

“John is a proven investment industry executive with an impressive track record guiding strategic initiatives for one of Canada’s largest investment firms,” said James Fox, president of Sprott Asset Management. “We think John will be a significant contributor to the growth and evolution of Sprott Asset Management and we are extremely pleased to welcome him to our executive team.”

Sprott Asset Management oversees all mutual funds, hedge funds and discretionary accounts for Sprott Inc.

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Is debt really bad for the economy?

The ability to take on debt may actually be good for the economy, Standard Life Investments reports.

As consumers qualify for more credit, they tend to spend more money, which in turn spurs the economy. Unfortunately, American consumers are still having difficulty dealing with their current debt, let alone qualifying for more credit. This could hold both the American and Canadian markets back for the next one to two years.

In a recent study in the U.S., 9% of borrowers are still defaulting on their monthly loan payments, housing vacancy still sits at a record-high 10% and mortgage applications have been dropping since January.

If Americans continue to default on their mortgage debt, this will result in more foreclosures, which will result in lower property values, which in turn will make it harder for Americans to use the value of their homes to apply for more credit.

Consumer spending and housing account for 75% of the U.S. economy, so until these two sectors improve, America is unlikely to make a full recovery.

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McLean Budden alters fund merger process

McLean Budden Limited has announced changes to the process in which McLean Budden Mutual Funds are merged or otherwise reorganized.

The funds in questions may now be reorganized with, or transferred to, another mutual fund without approval from unitholders. In order for a reorganization or transfer to take place under the new rules, unitholders must receive written notification of the change at least 60 days prior to the reorganization, the mutual fund’s independent review committee must approve the transaction and the change must comply with applicable securities laws.

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BNP Paribas Investment Partners completes Fortis acquisition

BNP Paribas Investment Partners has announced that it has combined its operations with those of Fortis Investments, following the April 1 closing of BNP’s acquisition of Fortis.

The amalgamation of the two brands makes BNPP IP the fifth-largest asset manager in Europe and the eleventh-largest in the world, with €530 billion in assets under management and advice.

“We are delighted that the closing of the transaction with Fortis Investments is now complete and this is an important moment for our company,” said Philippe Marchessaux, CEO of BNPP IP Philippe Marchessaux, CEO of BNPP IP. “Now that we have joined forces, BNP Paribas Investment Partners is able to provide its clients with one of the most comprehensive ranges of investment solutions and services in the market.”

The company now has 60 investments centres, housing about 1,200 investment professionals.

(04/12/10) staff


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