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ADVISOR FOCUS - a newsletter from globeadvisor.com
3 Oct 2003

Current Issue | Subscribe to Advisor Focus | Back Issues


SPOTLIGHT: Consolidation Changes Face Of Fund Industry

 

  • Implications of Convergence
    Across the industry, players have noticed the trend whereby advisory firms with “independent” roots are being merged with larger integrated firms.

    Such moves provide product manufacturers with preferred access to a distribution network. Impacts of the trend include both cost-saving synergies, and the need for heightened awareness of possible conflicts of interest. Read Dan Hallet's Mutual Fund Insight article for the full story.

  • Merger Chiefs Herald A 'Transforming' Deal
    In the boldest recent example of a headline-making merger, Manulife proposed this week a $15-billion takeover of Boston's John Hancock Financial Services Inc. Industry-watchers call this a "transforming" deal that could redraw the boundaries of the North American life insurance sector.
  • Ingram: Does Manulife Want Growth At Any Cost?
    A new titan is born as Manulife takes over John Hancock. But globeadvisor.com columnist Matthew Ingram attaches a caveat: there's evidence that the majority of large-scale insurance mergers fail to produce the returns that justified them in the first place. Read this opinion piece that bids "welcome to the big leagues" to the two D'Alessandros.

    PLUS: Merger Chiefs Herald A 'Transforming' Deal

    AND: Short-Term Investors May Not Be So Keen On Dominic's Vision Thing



PROFILES: Heather Hunter, Greg Reed

  • Altamira Investment Taps New CEO
    Altamira has hired Greg Reed, a former management consultant, to lead their renewed- growth strategy. Will a new CEO and a portfolio manager shuffle turn things around for the hard-hit fundco?
  • Money Manager Spotlight: Heather Hunter
    Heather Hunter manages a top-quartile- performing fund with "growth" in its name, but describes herself as a bottom-up value manager. Read about her successful nuts & bolts approach, and the "five things" that make her say "buy".


ROB CARRICK: Personal Finance Ideas

  • Banks Have An Answer To Low GIC Rates
    GIC rates may be scraping bottom, but your clients don't need to be bottom-feeders if they shop around. Getting more out of guaranteed investments is possible with good info. Here's a detailed summary of what's currently on offer.
  • Investors Should See Where Cash Goes, Despite Cost
    In a follow-up to his article of last week on the lack of fee transparency in client statements, the Globe and Mail's personal finance columnist Rob Carrick presents the opposing POV — a fund exec's take on why explicit statement of fees might not be in the client's best interest. Seem contradictory? Read on and decide for yourself.


INUSTRY NEWS: Pensions Redflagged; Seeking Bargains; Accounting for Goodwill

    Corporate Pension Plans Coming Under Review
    Roughly half of the 1,205 pension plans the OSFI supervises had more liabilities than assets as of the fiscal year ended March 31st. Possible underfunding could affect how your clients plan for retirement. Regulators are taking a close look at plan deficits, and will soon unveil new policies.

  • Analysts See Some Bargains Amid Current Choppiness
    The past six months have been healthy for stock returns. Are there any more bargains on the shelf? Read what two contrasting analysts have to say: a bullish senior VP of a brokerage firm who likes oil and gas, and a high-profile fund manager who's itching to take profits.

  • Hunting Goodwill
    This article covers the basics of using goodwill in stock analysis: how to determine what proportion of shareholder equity goodwill represents, and how to assess whether that makes the stock more or less attractive. Read Norman Rothery's informative article.