By Staff | March 25, 2008 | Last updated on March 25, 2008
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(March 25, 2008) The Financial Analysts Journal has handed out its prestigious Graham and Dodd Award to Nobel Prize winner in economic sciences William F. Sharpe.

The prize is awarded for excellence in research and financial writing — Sharpe won the award for his article “Expected Utility Asset Allocation,” which appeared in the FAJ’s September/October 2007 issue.

This is not Sharpe’s first FAJ win. He previously took home the Graham and Dodd Award in 1973 and 1998.

The magazine, which is published six times a year by the CFA Institute, also gave out its Best Perspectives Award. That trophy recognizes the timeliest and most thought-provoking opinion article. It was presented to Andre F. Perold, George Gund Professor of Finance and Banking at Harvard Business School, for his article “Fundamentally Flawed Indexing.”

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Counsel Wealth teams up with Ibbotson

(March 25, 2008) Counsel Wealth Management has appointed a new investment advisory firm to provide portfolio modelling services.

The company is partnering with Ibbotson Associates, a wholly owned subsidiary of Morningstar, and will receive from the third-party firm portfolio risk evaluations at the asset class level and asset class return estimates.

“As a comprehensive portfolio service provider, Counsel has always emphasized objective independence as a cornerstone in our portfolio manager selection and monitoring processes,” says Sam Febbraro, Counsel’s president and CEO. “Working with Ibbotson will further entrench this value proposition.”

“Ibbotson was chosen for this process because of its strong asset class evaluation methodology and its track record in asset allocation modelling,” says the company. “Ibbotson’s portfolio risk evaluations and asset class return estimates will be used to help Counsel reaffirm the effectiveness of its asset diversification strategies across all its portfolios.”

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Desjardins Securities replaces Toronto execs

(March 25, 2008) On Tuesday Desjardins Securities announced several management changes in its Toronto office. The move comes after three executives — James Gillis, the company’s vice-chairman, Toronto equity capital markets; Trevor Torzsas vice-president and head of sales, Toronto equity capital markets; and Joseph Fiorini, vice-president and director of corporate finance, Toronto investment banking — announced that they were leaving the company.

Replacing the departed executives are Jacques Nadeau, vice-chair of Desjardins board, corporate finance; Beth Shaw, vice-president, equity capital markets and syndication; Paul Hardy, vice-president and head of trading; and Patrick Bartlett and Joseph Mackay, both vice-presidents and co-heads of research.

“These changes will enable Desjardins Securities to strengthen its business operations in Toronto and benefit from a lighter, more flexible operational structure that is better adapted to the current difficult conditions in the financial markets,” says Germain Carrière, Desjardins Securities’ president.

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JovFunds appoints new CEO and president

(March 25, 2008) Jovian Capital Corporation has appointed a new CEO and president for its subsidiary JovFunds Management.

The company announced that Adam Felesky will become CEO and Howard Atkinson will take on the role of president and managing partner. Both execs will continue working in their old jobs, as CEO and president, respectively, at BetaPro Management.

Kevin Beatson, JovFunds’ managing director, has been promoted to COO.

“JovFunds is pleased and excited to welcome our new management team, which we believe will leverage the successful strategies that have led BetaPro to rapidly achieve over $1 billion of assets under management in their first two years of operation,” says Philip Armstrong, chairman of the JovFunds board.

Before joining BetaPro, Felesky worked for U.S.-based global macro hedge fund manager Bradbrooke Capital Inc., JPMorgan’s fixed income derivatives group in New York and CIBC World Markets.

For the past 20 years, Atkinson has worked extensively in the investment management area, holding positions at national investment dealers and major mutual fund companies. Prior to joining BetaPro, Atkinson was responsible for business development of the exchange-traded products business at Barclays Global Investors Canada.

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New tax book hits store shelves

(March 25, 2008) Figuring out Canada’s complicated tax laws is no easy task. That’s why David Chodikoff from Heenan Blaikie and Deloitte’s James Horvath created a book on valuation and tax law as they relate to the business of technology.

The book boasts 64 contributors and covers a broad range of issues. It provides insight into how this country’s courts perceive valuation issues, complex commercial cases and their litigation.

“This book represents the greatest and latest thinking from Canada’s top specialists in tax law and business valuation,” says Chodikoff, a tax litigator and partner of Heenan Blaikie. “The result is a useful reference book for people in the business valuation community as well as specialists in tax law, students and members of the judiciary, and even the general public.”

All royalties from the 1,000-page book will be donated to the Canadian Cancer Society. It sells for $95.

(03/25/08) staff


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