Briefly: “DALBAR ranks UL statements” and more of Thursday’s news

Manulife Financial has been recognized as providing clients with the best universal life statements, handily beating the competition in the annual DALBAR rankings.

The insurer scored 81.29 on the DALBAR ratings system, compared to an industry average of 68.1, making it the only company to achieve an “excellent” rating. Standard Life and Sun Life were ranked second and third.

“[Manulife’s] statement stood out for its clear presentation of information, as well as providing the investor with critical updates and issues concerning their investments,” said Jody Bullen, director of strategy and public relations, DALBAR.

DALBAR also released its list of best service providers in the mutual fund industry, ranking BMO Mutual Funds at the top of the table for English language services. Rounding out the top three were Franklin Templeton Investments and National Bank Financial.

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Brits cut rates, Europe stands pat

The Bank of England has cut its trend-setting interest rates by 50 basis points, to an even 1.00%. Across the channel, the European Central Bank left its key rate unchanged, at 2.00%.

Both decisions were pretty much what the market had anticipated, according to Richard Kelly, senior economist, TD Economics. He points out that the economic outlook attached to each rate decision remained “fairly gloomy.”

While the ECB expects inflation to support price stability over the medium term, the BoE was less optimistic, admitting that inflation could well come in lower than its 2% target.

“We expect both central banks to deliver interest rate cuts in March, with the risks tilted toward a 25 basis point cut by the BoE and a 50 basis point cut from the ECB,” he wrote in a research note. But he did not rule out a smaller rate cut from the ECB.

(02/05/09)

Staff

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