By Staff | July 14, 2009 | Last updated on July 14, 2009
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The Canadian Coalition for Good Governance has named David Denison, president and chief executive officer of the CPP Investment Board (CPPIB), as its new Chair. Denison succeeds Doug Pearce, CEO of BC Investment Management Corporation, whose three-year term as chair expired.

“As we look ahead, we will continue to seek progress on our key focus areas, notably the elimination of barriers to shareholder democracy, achieving a strong linkage between executive compensation and corporate performance, and promoting the creation of a credible enforcement regime within Canada’s capital markets,” Denison said.

CCGG is a coalition of 41 of Canada’s leading institutional investors representing more than $1.2 trillion in assets under management. The mission of the coalition is to represent Canadian institutional shareholders to promote good governance practices in Canadian public companies.

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Sceptre names interim CEO

Sceptre Investment Counsel has appointed David B. Pennycook as interim CEO and member of the board of directors, following the death of CEO Glenn Inamoto.

“We are pleased that David has agreed to step in to lead Sceptre on a day to day basis while we find a replacement for Glenn,” said Ross Walker, chairman of the board. “I know he has the skills, expertise and experience to ensure that it will continue to be business as usual through this period of transition.”

Pennycook joined Sceptre in 1991 and most recently held the position of president and head of institutional marketing and servicing. The board has launched a formal search for a permanent CEO.

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Goldman Sachs earnings surge

According to a representative from Goldman Sachs, the bank’s second-quarter profit surpassed expectations because of the power in its trading and underwriting businesses.

Goldman Sacks is reporting earnings of $2.72 billion US, or $4.93 per share, after preferred stock dividends. These results are up from $1.66 billion, or $3.39 per share, a year earlier.

Goldman also recorded a charge of 78 cents per share as it repaid the U.S. government’s $10 billion investment in the bank as part of the Troubled Asset Relief Program.

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Dynamic adds to fund lineup

Dynamic Funds today announced the launch of the Dynamic Strategic Yield Class.

The new fund combines the benefits of the Dynamic Strategic Yield Fund with the tax efficiency of the corporate class structure.

It offers investors the benefits of minimized taxable distributions, tax-efficient income and a customizable target distribution rate up to 7% through a series-T option.

In addition, investors will now be able to benefit from tax-deferred switching between the new Corporate Fund and other Dynamic Global Fund corporate class funds.

Within the fund, the equity income portion is managed by Oscar Belaiche, while the fixed income component is managed by Michael McHugh.

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Investors Group offers new portfolio families

Two new portfolio families from Investors Group, Investors Cornerstone Portfolios and Allegro Corporate Class Portfolios, are now available to Canadian investors after receiving the necessary regulatory approvals.

The Investors Cornerstone Portfolios are designed to provide high levels of capital stability, as well as a launching pad for dollar cost average investment strategies during uncertain markets.

The new Allegro Corporate Class Portfolios are a one-stop solution for Investors who want to accumulate wealth for retirement.

Those portfolios that offer new T-series will enable investors to obtain tax-deferred cash-flow (by avoiding withdrawals) to help them through their retirement years.

Also receiving the necessary regulatory approvals is the new international equity fund mandate — Investors International Equity Fund and Class — is also available for sale. (This mutual fund is a separate class of shares issued by Investors Group Corporate Class Inc.)

(07/14/09) staff


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