Industry News

MFDA says no to consolidation

Three weeks after the MFDA board voted not to accept an invitation to merge with the IDA, a letter has been released to members explaining the MFDA’s controversial decision. On Friday, the MFDA sent out a three-page letter to its members laying out nine reasons for rejecting the overture from the IDA (although it added […]

By Mark Brown |November 16, 2005

3 min read

CI not giving up on Clarington

CI Financial has made a renewed higher bid for Clarington, just one week after the fund company’s board agreed to a friendly takeover by Industrial Alliance. The bidding war for Clarington began October 31, when CI announced a $13 per share offer for Clarington. On November 7, Industrial Alliance countered with a $14.25 offer, which […]

By Doug Watt |November 15, 2005

2 min read

Fund assets slip on trust uncertainty

Mutual funds generated $1 billion in new sales in October, according to IFIC, despite poor markets and uncertainty in the income trust sector. “The net sales for October helped increase the industry’s year-to-date sales to $19.4 billion, the highest for that time period since October 2001,” said IFIC president Tom Hockin. Gross sales for the […]

By Steven Lamb |November 15, 2005

3 min read

High-profile lawyer representing Portus co-founder

Boaz Manor, the co-founder of Portus Alternative Asset Management, was to make his first court appearance Tuesday, but instead, he was represented by well-known lawyer Brian Greenspan in a Toronto courtroom. Greenspan, of the Toronto-based firm Greenspan, Humphrey, Levine, is representing Manor in the quasi-criminal proceedings involving a section of Ontario’s Provincial Offences Act. Manor […]

By Mark Brown |November 15, 2005

2 min read