News and resources for Canada's top financial advisors
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(December 5, 2008) Every single pension fund listed within the BNY Mellon Canada Total Fund Universe posted negative results for the month of October.
The median pension plan within the BNY Mellon Canada Total Fund Universe posted a -7.59% return for the month of October 2008, adding to a year-to-date median loss of -16.81%.
The BNY Mellon Canada Total Fund Universe represents a market value of $156 billion, with an average plan size of $1.7 billion.
“As was the case in the third quarter, plans did not escape the turmoil in the financial markets, as all plan types posted negative returns for the month of October,” says Shawn Menard, first vice-president and managing director of BNY Mellon Asset Servicing Canada.
“Canadian equities were hardest hit during the month of October, with the median pension fund’s return down more than 15.44%, and just under 27.06% for the year,” Menard notes. “U.S. equities performed a little better, but were still down over 17.3% year-to-date.”
• • •
Laurentian’s CFO retires
(December 5, 2008) Robert Cardinal, the chief financial officer for Laurentian Bank, is calling it a career, the company announced on Friday. Cardinal will be replaced by Michel Lauzon, effective January 5, 2009.
Réjean Robitaille, president and CEO of Laurentian Bank, noted Cardinal’s outstanding contribution to the Bank.
“I would like to sincerely thank Robert for all the years he devoted to Laurentian Bank. He has played an integral role in the organization’s growth and development, and I am proud to have been able to work with him all this time,” Robitaille said. “I would also like to salute his exceptional rigour, dedication and integrity, which all added significant value to the bank. Robert’s retirement is certainly well-deserved, and I hope he will take full advantage of it.”
Cardinal has been with Laurentian for the past 18 years, serving as vice-president of finance, senior vice-president of finance and control, and being named CFO in 1994.
His successor is a 25-year veteran of the banking industry. Michel Lauzon actually joined Laurentian Bank in 1988, where he occupied several positions, and left in 1998 to join TAL Asset Management, where he served as president and chief operating officer from 2002 to 2005. More recently, he was with Centria Commerce in the role of senior vice-president of corporate development and chief of finance.
“I am extremely pleased that Mr. Lauzon has joined our organization,” Robitaille says. “With his prior knowledge of the bank, I am confident that he will become quickly acclimated, and given his extensive expertise, he will undoubtedly serve as an invaluable asset and contribute a great deal to the Bank’s development.”
• • •
CLU Institute names new board of trustees
(December 5, 2008) The CLU Institute, the professional standards body for Advocis that administers the CLU and RHU designations, elected a new chair and board of trustees at its annual general meeting earlier this week.
Richard McKenster was elected by the membership as the new chair.
“It is an honour to be asked to serve the members of the CLU Institute in this role,” McKenster said. “The CLU Institute, through its designations, the CLU and RHU, represents the financial advisors and planners who have taken their professionalism to the next level. I am looking forward to next year and to working with the other trustees who embody the excellence we promote in our members.”
A member of Advocis since 1973, McKenster was most recently the treasurer of the CLU Institute board of trustees. He has also been a member of the Conference for Advanced Life Underwriting (CALU) since its inception in 1991 and actively supports CALU’s candidate recognition program.
Also serving on the CLU Institute board of trustees for 2008-2009 are:
(12/05/08)
(December 5, 2008) Every single pension fund listed within the BNY Mellon Canada Total Fund Universe posted negative results for the month of October.
The median pension plan within the BNY Mellon Canada Total Fund Universe posted a -7.59% return for the month of October 2008, adding to a year-to-date median loss of -16.81%.
The BNY Mellon Canada Total Fund Universe represents a market value of $156 billion, with an average plan size of $1.7 billion.
“As was the case in the third quarter, plans did not escape the turmoil in the financial markets, as all plan types posted negative returns for the month of October,” says Shawn Menard, first vice-president and managing director of BNY Mellon Asset Servicing Canada.
“Canadian equities were hardest hit during the month of October, with the median pension fund’s return down more than 15.44%, and just under 27.06% for the year,” Menard notes. “U.S. equities performed a little better, but were still down over 17.3% year-to-date.”
• • •
Laurentian’s CFO retires
(December 5, 2008) Robert Cardinal, the chief financial officer for Laurentian Bank, is calling it a career, the company announced on Friday. Cardinal will be replaced by Michel Lauzon, effective January 5, 2009.
Réjean Robitaille, president and CEO of Laurentian Bank, noted Cardinal’s outstanding contribution to the Bank.
“I would like to sincerely thank Robert for all the years he devoted to Laurentian Bank. He has played an integral role in the organization’s growth and development, and I am proud to have been able to work with him all this time,” Robitaille said. “I would also like to salute his exceptional rigour, dedication and integrity, which all added significant value to the bank. Robert’s retirement is certainly well-deserved, and I hope he will take full advantage of it.”
Cardinal has been with Laurentian for the past 18 years, serving as vice-president of finance, senior vice-president of finance and control, and being named CFO in 1994.
His successor is a 25-year veteran of the banking industry. Michel Lauzon actually joined Laurentian Bank in 1988, where he occupied several positions, and left in 1998 to join TAL Asset Management, where he served as president and chief operating officer from 2002 to 2005. More recently, he was with Centria Commerce in the role of senior vice-president of corporate development and chief of finance.
“I am extremely pleased that Mr. Lauzon has joined our organization,” Robitaille says. “With his prior knowledge of the bank, I am confident that he will become quickly acclimated, and given his extensive expertise, he will undoubtedly serve as an invaluable asset and contribute a great deal to the Bank’s development.”
• • •
CLU Institute names new board of trustees
(December 5, 2008) The CLU Institute, the professional standards body for Advocis that administers the CLU and RHU designations, elected a new chair and board of trustees at its annual general meeting earlier this week.
Richard McKenster was elected by the membership as the new chair.
“It is an honour to be asked to serve the members of the CLU Institute in this role,” McKenster said. “The CLU Institute, through its designations, the CLU and RHU, represents the financial advisors and planners who have taken their professionalism to the next level. I am looking forward to next year and to working with the other trustees who embody the excellence we promote in our members.”
A member of Advocis since 1973, McKenster was most recently the treasurer of the CLU Institute board of trustees. He has also been a member of the Conference for Advanced Life Underwriting (CALU) since its inception in 1991 and actively supports CALU’s candidate recognition program.
Also serving on the CLU Institute board of trustees for 2008-2009 are:
(12/05/08)
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