By Staff | January 18, 2007 | Last updated on January 18, 2007
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(January 18, 2007) Talvest Mutual Funds announced on Thursday that a backup computer file containing client information recently went missing while in transit between its offices.

The backup file contained possibly confidential info of approximately 470,000 current and former Talvest client accounts and may have included client names, addresses, signatures, dates of birth, bank account numbers, beneficiary information and social insurance numbers.

Talvest said it has no evidence to suggest that this backup file has been misused. Nevertheless, the manager of Talvest Mutual Funds, CIBC Asset Management, has taken precautionary measures to protect its clients.

“We are in the process of contacting affected Talvest clients by letter to advise them of this issue and to detail the steps we are taking to safeguard their information,” said Steve Geist, president of CIBC Asset Management. “Although we have no evidence that the information contained in the backup file has been accessed in any way, we are acting out of an abundance of caution and want to assure our clients that we are taking all steps possible to address this matter.”

In addition to being notified by letter, all affected clients are going to be compensated for any monetary loss that arises directly from unauthorized access of the personal information contained in the missing file and will also have the opportunity to enrol in a credit monitoring service at no cost.

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Credo Consulting hires Hugh Murphy as executive VP

(January 18, 2007) Credo Consulting has brought on Hugh Murphy as its new executive vice-president. Credo hopes Murphy, who spent eight years as the vice-president of financial services research at Environics, will be able to help lend further credibility to the firm as a leader among the country’s financial services industry research and consulting firms.

At Environics, Murphy helped numerous asset managers, banks and insurance companies understand how to better connect with Canada’s personal financial advisors; he developed brand equity benchmarking processes that Credo says are recognized as the standard within the industry. Before Environics, he spent four years as a research analyst with Ernst & Young’s renowned Center for Business Knowledge.

In addition to managing research for Credo Consulting, he will represent the interests of Credo’s partner firms, kasina and Financial Research Corporation (FRC), to organizations in the Canadian financial services industry.

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RBC offers Russian currency bonds

(January 18, 2007) RBC Capital Markets announced Thursday that it has completed two of the first ever bonds denominated in Russian rubles.

The first issue is for 2 billion rubles with a five-year term issued by the European Bank of Reconstruction and Development. The second issue, with a four-year term issued by Nordic Investment Bank, also totals 2 billion rubles.

“When [rubles] became an eligible settlement currency on January 15, we wanted to be there to meet investor interest in Russian rubles,” said Avril Pomper, RBC Capital Markets’ head of European fixed income distribution. “We’re very active in local currencies, and we’re seeing that investors are willing to diversify away from traditional currencies like the euro and yen into emerging markets like Turkey and Iceland.”

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CIT acquires CCFL Mezzanine Partners

(January 18, 2007) CIT Canada, a division of CIT Group Inc., announced on Thursday that it has broadened its middle market financing capabilities following the acquisition of CCFL Mezzanine Partners and its senior management team. Under the agreement, CIT Canada has retained general partnership rights to the two existing mezzanine funds managed by CCFL MP.

The newly formed group, which will include CIT Canada’s existing Sponsor Finance, Leveraged Finance and a portion of its large-ticket Equipment Finance group, will also oversee the newly acquired mezzanine funds.

“This transaction enables us to offer our clients a suite of financing products through a single point of contact in a much more efficient manner,” said J. Daryl MacLellan, president of CIT Canada. In addition to increasing its efficiency, MacLellan expects the transaction to expand CIT’s financing capabilities in Canada’s middle market.

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(01/18/07) staff


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