By Staff | June 22, 2007 | Last updated on June 22, 2007
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(June 22, 2007) The Superior Court of Québec has rejected a motion by Vincent Lacroix, the former head of Norbourg Asset Management, in which he alleged that about $20 million was missing from the funds managed by Evolution Funds Inc. when it was sold by the Caisse de dépôt et placement du Québec.

Lacroix is a defendant in a class action suit over his alleged misappropriation of funds from the now defunct Norbourg.

The Caisse counters that it took Lacroix more than three years after Norbourg Asset Management concluded the acquisition agreement with Evolution Funds to allege that assets were missing. Even then, his allegation came only after criminal and civil suits were brought against him.

The Caisse has vigorously denied any involvement in the Norbourg/Evolution debacle. In a previous press release, the Caisse said that it was never the manager of the Evolution funds — that the funds were managed by Evolution Funds Inc., which was owned by Teraxis Capital. The Caisse does have an 80% interest in Teraxis, but it was Teraxis that independently chose to sell Evolution Funds Inc. to Norbourg, and that transaction, the Caisse says, was conducted with due diligence.

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Irish bank dips toes in Canadian market

(June 22, 2007) Allied Irish Banks, one of Ireland’s largest banks, has established a lending branch in Toronto, Ontario, having received final regulatory approvals from both Irish and Canadian authorities.

The branch will be part of the AIB Corporate Banking North America business unit. AIB says the Canada branch is another small step in a significant ongoing expansion of its global business. AIB currently has established offices in New York, Los Angeles, Houston and Dublin.

The new branch will engage in three areas of corporate lending: energy and project finance, real estate and leverage finance.

“AIB is very happy to be closer to current and future clients and partner institutions in Canada. Establishing a branch to conduct banking business in Canada, rather than from our other locations, underlines AIB’s commitment to expanding into key centres where our experience and approach can add value to the local market,” says Chris Gifford, vice-president and principal officer of the branch.

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Sun Life maintains CI stake

(June 22, 2007) Sun Life Financial announced Friday that it has acquired 2.3 million trust units of CI Financial Income Fund. The purchase moves Sun Life’s ownership interest in CI to approximately 36.5%.

Sun Life’s stake had decreased slightly as a result of CI’s purchase of Rockwater Capital Corporation. The purchase re-establishes Sun Life’s previous ownership interest in CI.

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Mercer recognized for responsible investing

(June 22, 2007) Mercer Investment Consulting has announced it’s a winner of a GLOBE award, which honours Canadian companies that have taken a proactive approach to unique environmental and sustainability challenges without sacrificing their competitive edge in the marketplace.

Mercer won the Capital Markets Award for Sustainable Investment & Banking. Mercer’s responsible investment business was singled out for its ideas about the integration of environmental, social and corporate governance considerations within investment decision making.

Mercer Investment Consulting worked as consultants to the United Nations on the development of the Principles for Responsible Investment, which were launched in April 2006. The company says 180 institutional signatories from around the globe have adopted the UN principles, representing more than $8 trillion in assets under management.

“For years, socially responsible investment and corporate environmental performance were the domain of ethical funds or special interest investors,” said Jane Ambachtsheer, global head of Mercer Investment Consulting’s responsible investment business. “However, with the renewed focus on climate change, [sustainability] issues are garnering more attention from the general public and mainstream investors than ever before. Financial markets have a role to play. We are pleased that our contribution is helping a growing number of investors to integrate responsible investment factors into their investment approach.”

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(06/22/07) staff


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