By Staff | April 27, 2010 | Last updated on April 27, 2010
3 min read
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Fidelity Investments has named William J. Henderson as CEO of Fidelity Clearing Canada ULC, part of Fidelity’s U.S.-based clearing business, National Financial.

Henderson will officially assume the role once all regulatory prerequisites have been satisfied. He will be based in Toronto, and report to Sanjiv Mirchandani, president of National Financial.

“Bill is a recognized and well-respected authority within the Canadian financial services market with extensive brokerage and operations experience,” said Mirchandani. “Bill will lead a talented local management team that has already gotten the business off to a strong start with five clients, including three new firms we are announcing today.”

Henderson comes to Fidelity Clearing Canada from strategic planning and consulting firm Market Logics. The new role is not his first with Fidelity, however; from 2002 to 2007 Henderson was senior vice president of operations and client service with Fidelity Investments Canada.

Fidelity Clearing Canada also announced that it has signed agreements to provide back-office support, including trade execution, clearing and custody services to Independent Trading Group, Global Maxfin Investments Inc. and Octagon Capital Corp. These three additions bring its total client relationships to five.

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St-Gelais rallies forces against single regulator

The head of Quebec’s securities regulator has lashed out at the very notion of a single national regulator, saying it would threaten Quebec’s economic prospects.

In a speech to the Board of Trade of Metropolitan Montreal, Jean St-Gelais, president and CEO of the Autorité des marchés financiers (AMF), called on members of Quebec’s financial sector to rally against any attempt to create a national regulator.

“The debate needs to be broadened beyond political and constitutional considerations. That’s why I am calling on you today to help reject the federal government’s proposal. We don’t need a single securities commission,” St-Gelais said.

He went on to say that the creation of a single regulator would threaten hundreds of specialized jobs in Quebec, especially within the derivatives sector.

“We cannot afford to lose the decision-making authority we have in matters pertaining to financial regulation. We cannot give others the green light to determine Québec’s needs in financial sector regulation and oversight,” St-Gelais stated. “Ontario has grasped the importance of a regulator as a drawing card for the financial community of Toronto. If it’s so important for Ontario, why would it be any less so for Québec?”

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Manulife Mutual Funds enhances income offerings

Manulife Mutual Funds has announced changes to its mutual fund line-up, including new series offerings and increased distribution frequency.

The Manulife Monthly High Income Fund will be available in Series T and Elite T Series formats, pending regulatory approval. The Series T option provides a 6% annual payout, while the Elite T series provides the same benefits along with price breaks for investors with larger accounts.

The company will also change its distribution policy on its Manulife Dividend Fund and the Manulife Strategic Income Fund, shifting from a quarterly $0.10 per unit payout, to a monthly $0.033 per unit payout.

“By providing a Series T option for one of Manulife’s most popular and award-winning mandates, and by moving to monthly pay outs for two additional leading income-generating funds, this will provide our income-oriented investors with added convenience and flexibility when planning their finances,” said Jeff Ray, assistant vice-president, mutual fund products, Manulife Mutual Funds.

(04/27/10) staff


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