By Staff | November 20, 2006 | Last updated on November 20, 2006
3 min read
Previous Brieflies this week: | <ahref=”″ title=””>MON | <ahref=”″ title=””>TUE | <ahref=”″ title=””>WED | <ahref=”″ title=””>THU |

(November 20, 2006) Loring Ward International has announced it is selling its remaining business management practices and will focus on asset management and advisor services.

The two business management practices are being sold to companies organized by the businesses’ senior managers and former owners prior to their acquisition by Loring Ward.

The company expects to receive $17 million US for one of these practices, located in Century City, California. The other practice, located in Encino, California, should bring in $4 million US for Loring Ward.

“This confirms our commitment to the company’s core business segment in Asset Management & Advisor Services, through which we offer Loring Ward Advisor Services and its turnkey asset management program,” stated Robert Herrmann, CEO of Loring Ward. “We intend to continue building on the momentum we are experiencing in this business and to pursue value creation for our shareholders.”

• • •

Ontario announces consultations

(November 20, 2006) The federal government’s Standing Committee on Finance and Economic Affairs has announced it will hold pre-budget consultations across the province, starting next month.

The first meetings will be held in Toronto on December 7 and 14. Further meetings will be held in Kenora, North Bay, Ottawa and Windsor during the week of January 22, 2007; and in Barrie, Belleville, Hamilton and Toronto during the week of January 29, 2007.

Anyone wishing to be considered to make an oral presentation should contact the clerk of the committee by 5 p.m. on November 28, 2006. Written submissions must be sent by January 29, 2007.

• • •

TD taking Banknorth private

(November 20, 2006) TD Bank Financial Group has announced plans to take its U.S. subsidiary private, offering $32.33 US per share for all outstanding shares of TD Banknorth Inc.

“This transaction offers TD Banknorth shareholders an opportunity to realize fair value for their shares, while also offering TD Bank Financial Group shareholders the long-term benefits of 100% ownership of a U.S. banking business in an attractive marketplace,” said Ed Clark, president and CEO, TD Bank Financial Group. “TD Banknorth’s strength has always been as a customer-focused bank, and we don’t see that changing in light of today’s announcement. We remain committed to the future of TD Banknorth.”

Prior to the announcement, TD owned 57% of all TD Banknorth shares. The transaction is being dubbed a “merger” and has received unanimous approval from TD Banknorth’s board. The total cost of the deal is estimated at $3.2 billion US, or $3.6 billion CDN. The deal is expected to close in March or April 2007, pending shareholder approval.

• • •

Empire Life expands Trilogy UL

(November 20, 2006) Empire Life has announced enhancements to its universal life product, Trilogy, representing the largest number of revisions to the product since it was launched in September 2000.

Trilogy now offers a fifth option for cost of insurance, which comes at a 20-year term COI. Empire Life has also broadened the investment options to include five portfolio investment options and two equity investment options. Trilogy now includes a joint last-to-die feature, which reduces the cost of insurance premiums to zero for the surviving policyholder upon the death of the first.

“Clients want low fees and actively managed funds — we’re able to provide both,” says Owen Rhoden, manager of life and health product marketing. “Our Segregated Funds have a proven performance track record for more than 40 years and follow a conservative, value-oriented investment management style. Adding these options to Trilogy allows us to offer a high-quality product that meets the needs of our customers.”

(11/20/06) staff


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