By Staff | December 12, 2008 | Last updated on December 12, 2008
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(December 12, 2008) Morningstar Research has introduced a new central database for segregated funds. The PALTrak Segregated Funds Module will allow advisors to compare features and attributes of the more than 3,000 segregated funds in Canada, says Scott Mackenzie, president and CEO of Morningstar Research.

He says the module will enable advisors to “make truly meaningful comparisons among segregated funds and evaluate contract features.”

The module features a single source of contract-level data, such as automatic and manual reset options and guarantees, maximum age allowed to purchase, guaranteed-minimum-withdrawal-benefit-specific data, and guarantees on death.

Fund-level data is also included in the module. Advisors can limit searches to contract-level data, or combine them with fund-level data to optimize their research and find the most suitable matches for clients.

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Scotia completes purchase of CI stake

(December 12, 2008) It is now official. Scotiabank has become CI Financial Income Fund’s largest single shareholder. The bank closed its $2.3-billion purchase of Sun Life Financial’s 37% stake in CI. The acquisition, first announced in October, has made Scotiabank a major player in the wealth management arena.

“CI is a market leader with a solid track record of superior performance,” said Rick Waugh, Scotiabank president and CEO. “This transaction demonstrates our ongoing commitment to growing the bank’s wealth management business.”

Sun Life will continue its distribution arrangement with CI.

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Executive pay likely to decrease: E&Y

(December 12, 2008) Your business executive clients who receive performance-based pay may be taking home less money this year, as Canadian companies re-evaluate their compensation packages for employees, according to Ernst & Young.

“The knee-jerk reaction right now is to cut costs fast,” says Ernst & Young executive director Ronny Aoun. “But it’s key for companies to first build compensation into their wider risk management plans. This will give them a clear view of how they can drive cost savings today and further down the road.”

Aoun also says firms may eliminate executive bonuses in the short term. If this occurs, it means working with these clients on strategies for coping with less income.

(12/12/08) staff


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