By Staff | April 16, 2009 | Last updated on April 16, 2009
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Goodman & Company announced today it will temporarily reduce management fees charged to unitholders of the Dynamic Money Market Fund and the Dynamic Money Market Class, in order to maintain a positive yield for investors in the face of low short-term interest rates.

For now, the company will only charge 0.25% on all series of the funds. Service fees to advisors have been temporarily suspended and deferred sales charge units will no longer be available on new purchases.

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CIBC, YMCA launch banking seminars for newcomers

CIBC and the YMCA of Greater Toronto have launched a series of two-hour seminars, dubbed Facts and Finance, to provide newcomers to Canada with information about how to save, establish credit histories, start a business and invest for their family’s future.

The three seminars — Banking in Canada, Starting your own business and Teaching your children about money — will be held throughout the year at five YMCA locations in Toronto.

Banking in Canada teaches participants about a client or customer’s rights, how money is protected and the options available to consumers. The seminar also teaches participants about different banking accounts, credit and loans, ways to bank, investments, products and services, insurance and advice.

Business owners can learn about business goals, business planning, different covers ownership structures, financing options, what banks look for, why businesses fail and resources for entrepreneurs.

Teaching children about money, meanwhile, covers helpful tips parents can use to teach their children the value of money and how to save for a child’s education. The seminar also covers children’s allowances, spending plans, choosing a bank, advanced money ideas, getting a job and saving for a child’s education.

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AIG sells UAE wealth unit

American International Group, the one-time global insurance giant that has been laid low by the credit crisis, as announced the sale of AIG Private Bank Ltd., its wealth management division, to Abu Dhabi-based Aabar Investments PJSC.

This is the fourth sale that AIG has closed in a three-month span. The company has reached 10 separate deals to sell assets in recent months, in an effort to pay back some of the $182.5 billion in support is received from the U.S. government.

Aabar reportedly paid $253 million and assumed another $55 million in intra-company debt.

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Private firms still looking to acquire, grow

Current economic conditions aside, many privately held businesses around the world are still planning to make acquisitions in the next three years. The latest Grant Thorton International Business Report found that 37% of survey respondents, senior executives in privately held businesses from around the world, say acquisitions remain on their company’s agenda as a strategic tool to drive growth. Among those surveyed, appetite for cross-border transaction plans actually increased, likely thanks to the strength of the euro against the pound and the dollar.

In Canada, the company says almost half of these businesses are looking for acquisition opportunities. “When compared to last year, the increased number of businesses who anticipate making an acquisition suggests that businesses continue to look for opportunities that may emerge over the next 12 to 18 months,” says Andy Langer of Grant Thorton in Canada.

Not surprisingly, thoughts and interest in raising capital through a public listing dropped sharply this year, with the steepest fall in interest reported among companies operating in BRIC (Brazil, Russia, India and mainland China) economies.

(04/16/09) staff


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