Briefly:

By Staff | September 28, 2009 | Last updated on September 28, 2009
3 min read
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Global Maxfin Investments Inc. is growing.

The company has agreed to acquire mutual fund dealer Professional Investment Services (Canada) Inc. Once the deal is finalized, Global will have over 250 licensed advisors and over $1.5 billion in assets under its care.

“This is an excellent fit for Global. Professional Investment Services (Canada) Inc. provides specialized financial services that will complement the Global family of companies,” says Richard Pyper, executive managing director.

Global expects the deal to be completed in the fourth quarter. The acquisition is subject to regulatory approval and customary closing conditions.

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Insurance biz booming in Quebec City, Levis

In the Quebec City and Lévis region, insurance companies are steadily growing, creating new jobs and gaining market share says Yvon Charest, president of the Insurance and Financial Services Development Centre (Centre de d√©veloppement en assurances et services financiers).

With approximately 9,100 employees in their head offices in December 2008, the companies increased their workforce by 9.5% over three years. They created approximately 625 new jobs in 2008 and those employees make up about 60% of the workforce for the 11 companies in the Quebec City and Lévis region.

In 2008, the companies collected $14.7 billion in premiums and contributions. Four out of five life and health insurance companies in the region are among the10 largest companies in Canada. The region’s life and health insurance companies account for 44.5% of the market in Quebec and general insurance companies account for 29.9%.

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BMO, Guardian change fund line-ups

The BMO Guardian Funds and BMO Mutual Funds lineups could be undergoing some changes.

Subject to security holder approval, BMO proposes that each terminating fund , as per the table below, will be merged into the applicable continuing fund effective on the merger dates also listed in the table. For each of the continuing funds, BMO Guardian Advisor Series exists or, where indicated, is proposed to be launched in October:

The primary goal of these changes is to reduce duplicate fund offerings and streamline the product suite to provide more cost-effective investment solutions.

Security holder approval of each terminating fund plus two continuing funds will be sought at special meetings to be held in the first week of November. If the proposed mergers are approved, security holders of each terminating fund will receive securities of the equivalent series or class of the applicable continuing fund, determined on a dollar-for-dollar basis. Following the mergers, the terminating Funds will be wound up as quickly as possible.

Proposed Mergers

Terminating Fund Continuing Fund Merger Date Advisor Series
BMO Guardian Canadian Bond Fund BMO Bond Fund Nov. 27, 2009 BMO Guardian Bond Fund Advisor Series *
BMO Guardian Canadian Money Market Fund BMO Money Market Fund Nov. 20th, 2009 BMO Guardian Money Market Fund Advisor Series *
BMO Guardian U.S. Money Market Fund BMO U.S. Dollar Money Market Fund Nov. 13, 2009 BMO Guardian U.S. Dollar Money Market
BMO Guardian American Equity Fund Ltd. BMO American Equity Class+/- Nov. 27, 2009 BMO Guardian Canadian Equity Class Advisor Series +/-
GGOF Canadian Emerging Markets Fund BMO Emerging Markets Fund Nov. 27, 2009 BMO Guardian Canadian Equity Class Advisor Series +/-
BMO Guardian Emerging Markets Fund BMO Emerging Markets Fund Nov. 27, 2009 BMO Guardian Emerging Markets Fund Advisor Series *
BMO Guardian European Equity Fund BMO European Fund Nov. 20, 2009 BMO Guardian Global Dividen Class Advisor Series +/-
BMO Guardian Global Dividend Growth Fund BMO Global Dividend Class +/- Nov. 20, 2009 BMO Guardian Global Dividend Class Advisor Series +/-
BMO Guardian Global Real Estate Fund BMO Global Infrastructure Fund Nov. 13, 2009 BMO Guardian Global Infrastructure Fund Advisor Series
BMO Guardian Japanese Equity Fund BMO Guardian Asian Growth And Income Fund Nov. 27, 2009 Mutal Fund Class
BMO Guardian Canadian Resource Fund BMO Resource Fund Nov. 27, 2009 BMO Guardian Resource Fund Advisor Series
BMO Guardian Canadian Balanced Fund BMO Asset Allocation Fund Nov. 13, 2009 BMO Guardian Asset Allocation Fund Advisor Series *
BMO Guardian Small Cap Growth And Income Fund BMO Special Equity Fund Nov. 13, 2009 BMO Guardian Special Equity Fund Advisor Series
BMO Guardian U.S. Diversified Monthly Income Fund BMO U.S. Dollar Monthly Income Fund Nov. 20, 2009 BMO Guardian U.S. Dollar Monthly Income Fund Advisor Series *

+/- A class of BMO Global Tax Advantage Funds Inc.

* New BMO Guardian Advisor Series

(09/28/09)

Advisor.ca staff

Staff

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