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(August 27, 2007) The Charter Life Underwriters Institute has announced that Cynthia Bowden will serve a second term as chair of the board of trustees, following the group’s annual general meeting in Banff, Alberta, last week.

“It’s a real honour to serve another term as chair of the CLU Institute Board,” Bowden said in a press release. “This past year has been tremendously positive for the Institute, and I look forward to working with the trustees toward even greater success in 2007/2008.”

The members of the CLU Institute Board of Trustees for 2007/2008 are Ian Colborne, Mark Colosimo, Caron Czorny, Gerald Matte, Richard McKenster, Leonard Morgan, Paul Mulvihill, Robert Rizzuto, Mimi Rogers, Brett Simpson, Jennifer Tweddle and Kevin Wark.

Advocis also announced the appointment of Teresa Black Hughes as chair of the board of directors, confirming the rest of the board at its AGM in Banff.

“I am honoured that the membership has elected me as the chair of the Board,” said Black Hughes. “Recognizing that consumers are best served by professional financial advisors, Advocis will continue its mission to prepare, promote and protect financial advisors in the public interest.”

The national directors for the 2007/2008 term are: Kris Birchard; Cindy Bowden; Valerie Chatain White; Joe Flynn; Brian Henley; Harley Lockhart; Robert McCullagh; Randy McGlynn; Roger McMillan; Dean Owen; Terry Zavitz; and Terry Zive.

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IDA finds advisor guilty of forgery

(August 27, 2007) The IDA has found Ivan Djordjevic, a former Desjardins Securities employee, guilty of forgery, violating bylaw 29.1.

On or about March 1, 2004, Djordjevic forged the signature of one client (referred to as “AG” in the hearing documents) on an unlimited guarantee for the purposes of having the client guarantee the account of another client (“PW”).

These two clients did not even know each other until November 2005, when Djordjevic told AG that he had linked the two accounts. That got the ball rolling on the proceedings against Djordjevic, as AG reported to Desjardins that the signature on the guarantee was not his.

Penalties against Djordjevic will be assessed at a penalty hearing on October 10, 2007. He has not been registered with an IDA member firm since November 2005.

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Mackenzie offers hedged Ivy fund

(August 27, 2007) Mackenzie Financial has announced the launch of a currency-hedged version of its Mackenzie Ivy Foreign Equity Class, which will eliminate one level of risk for investors.

Giving up the exposure to foreign currency risk may not be for all investors, the company points out, as fluctuations can also provide upside potential for those willing to accept the additional volatility.

The hedged and unhedged versions of the fund will continue to be managed in the same manner and by the same portfolio managers at Mackenzie.

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AGF axes managed futures fund

(August 27, 2007) AGF Funds has announced the termination of the AGF Managed Futures Fund, effective November 9, 2007, and the company has now ceased to accept new inflows.

The company was frank in citing “relatively low investor interest” as the root cause for termination. The fund never attracted a large enough asset base to achieve the required economies of scale. The fund was launched in 1995 but still had assets of less than $10 million at the end of July this year.

Investors have the option of switching to any of AGF’s mutual funds or redeeming units for cash. Any assets remaining in the managed futures fund at the time of termination will be rolled into the AGF Canadian Money Market Fund without incurring a sales charge.

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ATB buys back commercial paper

(August 27, 2007) ATB Investment Management announced on Friday that it had received regulatory approval to acquire all non–bank-sponsored asset-backed commercial paper held by the ATB Money Market Fund.

In exchange for the ABCP holdings, ATB will provide the fund with cash, guaranteed deposit certificates issued by ATB Financial, or other short-term government securities.

(08/27/07)