Industry News

Fund redemptions soar in September

Canadian investors lost their nerve in September, yanking up to $5 billion out of mutual funds, according to preliminary estimates by the Investment Funds Institute of Canada. Total net redemptions for the industry were between $4.4 billion and $4.9 billion. “September saw a sizeable decrease in both assets and sales due to the financial situation […]

By Steven Lamb |October 3, 2008

2 min read

Briefly:

(October 3, 2008) CIBC has reached a deal with a fund led by Cerberus Capital Management that the bank says will significantly reduce its exposure to the American subprime mortgage market. Under the arrangement, the Cerberus fund will invest just over $1 billion US in CIBC’s U.S. residential real estate portfolio, which includes residential mortgage-backed […]

By Staff |October 3, 2008

1 min read

On The Shelf:

(October 2, 2008) Russell Investments Canada has announced the appointment of Marsico Capital Management to the management team of the Russell Global Equity Pool, part of the Russell Sovereign Investment Program. Marsico has also been added to the management team of the Russell Global Equity Fund. In both instances, Marsico replaces AllianceBernstein. • • • […]

By Staff |October 2, 2008

2 min read

Equity indices tank in September: Morningstar

With equity markets dropping over the last month, it’s no surprise that 41 Morningstar Fund indices experienced losses in September, while just two — both money market-related — saw near-zero returns. “Equity markets plunged, and investment funds along with them, in the face of the worsening U.S. credit crisis,” says Morningstar Canada in a release. […]

By Bryan Borzykowski |October 2, 2008

2 min read