By Staff | September 1, 2006 | Last updated on September 1, 2006
3 min read
Previous Brieflies this week: | MON | TUE | WED | THU |

(September 1, 2006) Two of the industry’s major financial software firms are joining forces. Winnipeg-based Emerging Information Systems, developer of the NaviPlan financial planning software, has purchased Financial Profiles from The Hanover Insurance Group.

EISI made the acquisition through its wholly-owned American subsidiary, picking up all the stock and assuming control of Financial Profiles’ operations and technology, including the Profiles+ product line, the Matrix integration/consolidation framework, and the Wealth Insight platform.

The NaviPlan software is used by more than 70,000 advisors in Canada and the U.S., while Financial Profiles provides similar services for 50,000 advisors. The firm says it will continue to develop and fully support both the NaviPlan and Profiles+ product lines, maintaining operations in Winnipeg and California.

“As a united entity, we will draw upon our unrivalled scale and resources to offer financial services firms broader wealth management solutions and stronger support programs,” said Dr. Mark Evans, president and CEO, EISI. “Clients of both product lines will benefit from our combined expertise.”

• • •

Quebec financial firm extends its insurance reach

(September 1, 2006) Quebec’s La Capitale Civil Service Insurer, a subsidiary of La Capitale Financial Group, has announced plans to purchase PennCorp Life Insurance from Universal American Financial Corporation.

PennCorp markets individual accident and sickness disability protection products across Canada through approximately 200 career insurance agents. It has more than 150,000 policyholders and about $250 million in assets.

“This major life-insurance-sector acquisition for La Capitale Financial Group is part of our plan to grow beyond Quebec,” said Robert St-Denis, president and CEO of La Capitale’s personal insurance sector. “PennCorp’s network spans Canada, which ensures we will quickly establish a foothold in other provinces. We will also benefit from the complementary nature of our products, especially in hospitalization and disability insurance.”

A French mutual insurance company, GMF, is also involved in the transaction, and will hold a 30% stake in UAFC. The acquisition is subject to regulatory approval.

• • •

B2B Trust streamlines investment loan program

(September 1, 2006) B2B Trust is redesigning its investment loan program, increasing the maximum loan offering to $250,000 from $100,000.

Under the plan, available only through financial advisors, B2B Trust will finance 100% of the client’s investment for the purchase of eligible non-registered mutual funds.

In addition, B2B says it is simplifying and streamlining the loan process. For instance, select loans under $50,000 no longer require documented proof of income for salaried applicants, and proof of asset requirements has been removed from all loan products.

As well, existing loan application forms have been collapsed into a single form for all products, including the 100% investment loan, the two-for-one investment loan and the one-for-one investment loan; and next day processing service has been extended across all of the company’s loan programs.

• • •

Mavrix files prospectus for new limited partnership

(September 1, 2006) Mavrix Fund Management has filed a preliminary prospectus for the Mavrix Explore Quebec 2006 FT Limited Partnership, which will invest in a diversified portfolio of flow-through shares issued primarily by mineral exploration companies operating in Quebec.

The maximum size of the offering, led by Desjardins Securities and TD Securities, is $25 million. Other syndicate members include, Scotia Capital, Canaccord Capital, Dundee Securities, Berkshire Securities and Laurentian Bank Securities.

Mavrix has brought seven other resource flow-through limited partnerships to the market, raising more than $190 million.

• • •

Front Street merges pair of funds

(September 1, 2006) Front Street Capital has completed the merger of the Front Street Performance Fund and the Front Street Performance Fund II.

Each unitholder of the first fund will receive 2.8353 units of the second offering. The exchange ratio was calculated based on the net asset values per unit of the two funds as at the close of business on August 31, 2006.

The Front Street Performance Fund had a net asset value per unit of $30.9383 at the end of Thursday’s trading, while the second version of the fund had a net asset value per unit of $10.9120.

In connection with the merger, unitholders of the first performance fund will receive a special distribution of $3.3893 per unit, while owners of the second performance fund will receive a special distribution of $1.14283 per unit. Both will be payable in full on or before September 15, 2006.

As a result of the amalgamation, the Front Street Performance Fund will be de-listed from the TSX next week.

• • • staff


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