Briefly: “CI offers capital yield fund” and more news

By Staff | October 8, 2010 | Last updated on October 8, 2010
5 min read

CI Investments has launched the CI Income Advantage Fund, which uses a forward contract structure to transform fixed income into a tax-efficient stream of capital gains.

The fund will invest in a portfolio of investment-grade government and corporate bonds, as well as preferred shares, common shares and real estate investment trusts. The portfolio is managed primarily by Signature Global Advisors, with Trilogy Global Advisors, managing the portion that is allocated to global government bonds.

The fund will target a monthly distribution of 3.5 cents per month, or 4.2% based on the initial price.

– Steven Lamb

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Three Brandes equity portfolios added to BMO’s Architect

Brandes Investment Partners has announced that the inclusion of three of its equity mandates to the BMO Nesbitt Burns Architect Platform, the bank’s unified management account program (UMA).

The three mandates are the Brandes Global Equity portfolio, Brandes International Equity portfolio and the Brandes U.S. Equity portfolio, which are now available as separately managed accounts through Architect.

“We are thrilled to have these Brandes separately managed portfolios added to the Architect Platform,” says Oliver Murray, president and CEO of Brandes. “Architect allows for the creation of truly customized client portfolios. Nesbitt advisors will find that Brandes’ fundamental approach to investing is a great compliment to other investments and will help clients get their desired diversification.”

– Steven Lamb

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BMO Nesbitt Burns’ Michael E. Lem wins the DJJ Award

Michael E. Lem has received the 2010 Donald J. Johnston Award for Outstanding Contribution to the Profession of Financial Planning In Canada (DJJ Award). He currently works as the vice-president with the Thornhill, Ontario branch of BMO Nesbitt Burns. Lem has been working in his community to help people with their financial planning for over twenty years.

Lem served on the Financial Planning Standards Council (FPSC) board of directors from 1999 to 2003 and spent his last year there as chair. In 2009, became the inaugural vice-chair on the Li Koon Chun Finance Learning Centre Business Advisory Board for The University of Toronto at Mississauga campus. He holds six different financial designations (CSA, CFP, A.C.C., C. Dir, CMA, FCMA) and earned CFP certification in 1998.

“Michael is an advocate and promoter of increasing financial literacy, and his approach to financial planning and commitment to meeting his client’s life goals align with the spirit of this award,” says Debbie Ammeter, chair of the board of directors, FPSC. The award was first presented in 2006 in honour of the FPSC’s founding chairperson Don Johnston and recognizes outstanding contributions to the industry.

Mervin G. Hillier, president and CEO of Certified Management Accountants of Ontario, describes Michael Lem as “a role model to those seeking a career in the financial services industry. He exemplifies Donald J. Johnston’s spirit, imagination and dedication not only in his words but also in his deeds.”

The DJJ comes with a $10,000 charitable donation. Lem made his cheque out to the Li Koon Chun Finance Learning Centre, which develops programming to promote financial literacy across the University of Toronto Mississauga campus and its surrounding area.

– Leigh Doyle

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Three leaders recognized by Women In Capital Markets

Women in Capital Markets (WCM) announced the winners of three of its annual awards this week. WCM is a non-profit organization that encourages the advancement of women in the Canadian financial industry.

“Companies who foster the professional development of women benefit from much-needed diverse thinking and the fresh perspective they bring to the decision-making process,” said Diane Sinhuber of Ernst & Young, the company that sponsored the award ceremony. “There is an opportunity for Canada to capitalize on the contributions women make and gain a competitive advantage in the global market.”

Liette Bromley, director, corporate debt trading, BMO Capital Markets is the inaugural recipient of the Rising Star Award. This honours an individual in the early stages of her career has already become a mentor to younger women in the field. Bromley has helped lead and maintain BMO’s corporate trading desk group as one of the top ranked Canadian investment banks in IIROC volume statistics. She has been an active member in the company’s diversity council and was the chair of the women’s subcommittee.

Patti Perras Shugart, managing director and head of corporate banking at RBC Capital Markets won the Award for Leadership. It is presented to a senior executive who has shown a commitment to advancing and supporting women in the capital markets. From 2005 to 2006, Patti was a director on the board of WCM, with a particular focus on the development of a network of senior women from firms on Bay Street. She is a member of her company’s diversity council and is the founder of a forum to support development and career aspirations for women inside of RBC. During her tenure at CIBC, she was the co-founder and Chair of the CIBC Women’s Network.

The winner of the Visionary Award is Heather-Anne Irwin, adjunct professor of finance, Rotman School of Management, University of Toronto. This award is for lifelong dedication to the growth and development of women in the industry. Irwin has over 25 years experience in the finance industry and has been teaching since 2003. She is the founding president of WCM and continues to co-chair the WCM Mentorship program. She is also involved in the Heather L. Main Memorial Scholarship Fund and is the executive director of the Canadian Securities Institute Research Foundation.

– Leigh Doyle

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Canadians missing out on TFSAs

Over half of Canadians don’t have a tax-free savings account (TFSA), according to a recent online poll from Angus Reid Public Opinion commissioned by ING Direct.

TFSAs allow Canadians to put away $5,000 a year without taxation and they came into effect in 2009. More than half (52%) of those who haven’t opened an account in the past year don’t plan on doing so in the next year either. Even more surprising is that 14% of those surveyed are not aware of the TFSA or its benefits.

“The ability to save tax-free is one of the most significant vehicles Canadians have been given to build their investment portfolios,” said Peter Aceto, president and CEO of ING DIRECT. “Canadians owe it to themselves to find a way to incorporate TFSA’s into their investing.”

– Leigh Doyle

(10/08/10) staff


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