By Staff | June 21, 2007 | Last updated on June 21, 2007
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(June 21, 2007) Dundee Wealth Management had a corporate makeover today, getting a new name — DundeeWealth Inc. — and more importantly a new face at its helm. The company’s founder, Ned Goodman, announced at the company’s annual meeting in Toronto on Thursday that he is stepping down as CEO and president and handing over the reins to his son David.

Effective immediately, David Goodman will become DundeeWealth’s president and CEO. He has held various senior executive positions within the company over the last decade, most notably over the past six years as the CEO of the company’s fund division, Goodman & Company Investment Counsel, which is probably most recognized for its Dynamic Funds’ products.

The departure of Ned Goodman as CEO is the end of an era for DundeeWealth. Since founding the company, Goodman has seen it grow into one of Canada’s largest asset management companies, with almost $64 billion in assets across its subsidiaries.

He’s not letting his son fly completely solo just yet, though. As the newly elected chairman, the senior Goodman will continue to advise on the direction of the company. He will also remain the CEO of DundeeWealth’s parent company, Dundee Corporation, where his attention will focus on overseeing the real estate and resource arms of the organization.

Coinciding with the change in management is a change in name. The company says its new moniker more accurately reflects the diversification in the business and operations carried on through its consolidated subsidiaries, which range from advisory services and fund development to its charter I bank, Dundee Bank of Canada, which was launched last September. The company’s stock symbol, DW, will remain unchanged.

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Claymore launches pair of ETF fund wraps

(June 21, 2007) Claymore is expanding its suite of exchange-traded funds a little further today by offering an ETF fund wrap.

The Claymore Global Balanced Income ETF and the Claymore Global Balanced Growth ETF will be the first ETF wrap portfolios in the world to provide a single ETF as a core part of an investor’s portfolio.

Each wrap is made up of about 13 ETFs, already available to investors, which cover multiple asset classes such as fixed income, equity, real estate, commodities and other sectors.

Claymore says the wraps will be based on a Global Balanced Index by Sabrient Systems, a partner of Claymore Investments based in California, which focuses on asset allocation models using equity and fixed income.

Som Seif, president of Claymore Investments, says the cost of the fund wrap works out to be about 10 to 15 basis points higher than it would be if an investor were to construct a similar portfolio using individual ETFs, but that it is still very competitive when compared to other fund wraps on the market.

Seif says the portfolios have been diversified among ETFs with a low correlation to each other to maximize the return potential and avoid diminished returns from ETFs that have inverse relationships.

“We look for low correlation amongst asset classes, and the lower the correlation, the better the diversification. When running multi-asset portfolios, it’s the best way to manage the returns,” he says. “The idea is to balance returns with risk and maximize the return per unit of risk. Greater diversification provides more absolute return and absolute risk.”

The management expense ratios of the Claymore Global Balanced Income ETF and the Claymore Global Balanced Growth ETF will be 0.7%.

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Artemis offers access to private equity

(June 21, 2007) Artemis Investment Management has launched the Elite Private Equity LP, a fund of funds for accredited investors. The limited partnership will invest in a portfolio of large private equity buyout funds, including the Carlyle Group, the Blackstone Group, Thomas H. Lee Partners and Clayton, Dubilier & Rice.

“Our new Elite Private Equity LP provides Canadian high-net-worth individuals with access, for the first time, to some of the pre-eminent U.S. private equity funds and a superb opportunity to diversify their investment portfolio,” said Trevor Maunder, partner, Artemis Investment Management. “These funds have had some of the very best investment returns over the long term.”

The offering, expected to close July 16, is underwritten by Blackmont Capital, BMO Nesbitt Burns, CIBC World Markets, Scotia Capital, Dundee Securities, Desjardins Securities and Wellington West Capital.

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Standard Life names new Western VP

(June 21, 2007) Standard Life has named Edward Adam as regional vice-president, Western region. The 18-year veteran has held positions ranging from investment advisor to branch manager and compliance officer.

Headquartered in Standard Life’s Vancouver regional centre, Adam will oversee the strengthening of the firm’s presence specifically in Vancouver and Calgary.

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(06/21/07) staff


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