By Staff | December 1, 2008 | Last updated on December 1, 2008
3 min read
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(December 1, 2008) Scotiabank has announced the creation of Scotia Mortgage Authority, which consolidates the bank’s 2006 acquisition, Maple Trust Company, and Scotia Express Service.

The purchase of Maple Trust doubled Scotia’s broker-originated book of mortgages. The new division is seen as reinforcing the connection to the mortgage broker channel.

“As the number two acquirer of broker-originated mortgages, we’re well positioned to continue recording strong results in the mortgage broker channel,” said Robin Hibberd, executive vice-president, personal lending and insurance, Scotiabank. “This is an excellent opportunity to build on Scotiabank’s strong position as a leading provider of mortgage financing for Canadians.”

Scotia Mortgage Authority will offer brokers a broader range of mortgages and lines of credit, including the Scotia Total Equity Plan.

The Canadian residential mortgage market is worth about $880 billion, with banks accounting for just 55% of residential mortgage credit.

“By growing our third-party mortgage origination channel, we will develop many new partnerships with mortgage brokers,” said John Webster, the former head of Maple Trust who will lead Scotia Mortgage Authority. “This will lead to new homeowners being introduced to Scotiabank and create opportunities for great new relationships.”

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Co-operators offers SRI options

(December 1, 2008) The Co-operators has announced it is rolling out a suite of socially responsible insurance and investment products. The property insurance option provides the insured with the extra coverage, provided they opt for environmentally friendly reconstruction materials.

On the investments side, the firm will offer SRI funds to both individual and group clients, effective January 2009.

“Co-operators agents are eager to support the decisions of responsible and conscientious Canadians who are helping to create a healthier, more sustainable world for all of us,” said Kathy Bardswick, president and CEO of the Co-operators. “With these three new options added to our suite of products, our agents are well equipped to meet the growing demand for sustainable alternatives.”

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Unity Life buying block of insurance

(December 1, 2008) Unity Life of Canada has reached a deal to buy the individual insurance business of Washington National Insurance Company’s Canadian branch.

The transaction is expected to close on or about December 31, 2008, pending regulatory approval. Upon completion, Washington National will close its Canadian branch.

“Today’s announcement is another step forward in achieving our growth strategy of targeting blocks of business that complement Unity Life’s market niche and area of expertise,” said Unity Life president and CEO Tony Poole.

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Invesco Trimark hires Norman MacDonald

(December 1, 2008) Invesco Trimark has named Norman MacDonald to the position of vice-president and portfolio manager for the Trimark Canadian Resources Fund. He joins current manager Rory Ronan, effective immediately.

“We’re excited to have Norman join us,” said Graham Anderson, chief investment officer at Invesco Trimark. “He brings significant portfolio management expertise and is a great addition to our team.”

MacDonald is a 14-year industry veteran, having managed portfolios for Ontario Teachers’ Pension Plan Board, Beutel Goodman & Company Ltd. and Salida Capital Corporation.

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AGF gets into TFSA game

(December 1, 2008) AGF Funds Inc. is encouraging Canadians to consult a financial advisor before opening a tax-free savings account (TFSA).

“We know that the vast majority of Canadians rely on the value of advice they receive from advisors, and we strongly encourage them to discuss the benefits of a TFSA and how they can best use this new account,” says Randy Ambrosie, president, AGF Funds Inc.

“By using a TFSA to invest in one of AGF’s products, the potential to earn more tax-free investment income is greater over the long term, which magnifies the advantages of the plan.”

The fund company also points out that it offers a wide variety of investment options for the account.

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Counsel names new sub-advisor

(December 1, 2008) Counsel Wealth Management has hired Thornmark Asset Management Inc. to provide asset allocation advice on the Counsel Managed Portfolio, effective on or about January 9, 2009.

“The investment objectives and fundamental investment strategy of Counsel Managed Portfolio will remain unchanged,” says Sam Febbraro, Counsel’s president and CEO.

Cumberland Private Wealth Management Inc. will continue as a portfolio sub-advisor, investing its portion of the portfolio in securities of various asset classes to reduce risk or increase returns for the fund.

(12/01/08) staff


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