Briefly: “GMP Capital names next CEO” and more news

By Staff | August 24, 2010 | Last updated on August 24, 2010
3 min read

GMP Capital has announced that CEO Kevin Sullivan will step down from that post, assuming the position of deputy chairman, effective October 1, 2010. In his new role, he will devote his efforts to client-focused initiatives, working on key strategic projects, mentoring GMP’s professionals and increasing the company’s brand awareness.

“Kevin has provided invaluable leadership to the firm, growing the franchise from its entrepreneurial roots to a full service financial services firm and positioning it to succeed in today’s market,” says Stanley Beck, chairman of the board.

The board of the company has named Harris Fricker, currently the firm’s president, as his successor in the CEO post. Fricker has also been elected to the board, effective October 1, 2010. Fricker was named president of GMP Securities in July 2008, and was appointed president of GMP Capital in May 2009.

“We have the utmost confidence in Harris and his ability to continue building the GMP franchise and delivering value for our clients, employees and shareholders,” says Beck.

– Steven Lamb

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GrowthWorks changes venture head

GrowthWorks Capital has announced that Jim Charlton, senior vice-president, investments, will be shifting his focus to strategic initiatives for the company, effective September 15, 2010.

He will also continue to advise and support the investment team managing the firm’s venture capital funds, and will continue to represent the company on committees at the Canadian Venture Capital Association and other industry associations.

“As I begin to reduce my role at GrowthWorks and transition the operational investment team management to a new generation of venture managers, I will continue to play a role inside the organization while being able to spend more time with family,” he says.

His day-to-day role of managing the Vancouver based venture investment team will handed over to Joe Timlin, vice-president investments. Charlton has been a senior officer with GrowthWorks for 10 years, and has been the firm’s senior venture investment officer since 2007.

– Steven Lamb

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iShares adjusts income trust ETF

BlackRock Asset Management Canada has received unitholder approval to change the investment objective of the iShares S&P/TSX Income Trust Index Fund. The move comes in anticipation of the January 2011 changes in the taxation of income trusts, which has nearly wiped out the structure.

The new mandate of the ETF is “to provide unitholders with a consistent monthly cash distribution, with the potential for modest long-term capital growth, by investing primarily in Canadian iShares funds that provide exposure to a diversified portfolio of income-bearing investments.”

The changes are expected to come into force on or about September 1st, 2010, with the portfolio rebalancing substantially completed by October 1st, 2010. The ETF, which trades as XTR on the TSX, name will change to “iShares Diversified Monthly Income Fund”. The ticker symbol and the management fee will not change.

– Steven Lamb

• • •

MFDA names new policy advisors

The MFDA has named eight new members to its Policy Advisory Committee, which provides advice, comments and reports to MFDA staff on a variety of matters including regulatory and policy initiatives and industry trends and practices.

New to the committee are:

• Joseph Bajic, Assante Financial Management Ltd. • Isabelle Boivin, Desjardins Financial Services Firm Inc. • Peter Brady, Qtrade Asset Management Inc. • Daniel Good, D.W. Good Investment Company Ltd. • Kelly Griffin, Sun Life Financial Investment Services (Canada) Inc. • Cheryl Hamilton, MGI Financial Inc. • Jacqueline Hatherly, Manulife Securities Investment Services Inc. • Andrew Norris, FundEX Investments Inc.

– Steven Lamb

(08/24/10) staff


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