(November 20, 2006) Loring Ward International announced that it is selling its remaining business management practices and will focus on asset management and advisory services.
Both business management practices are sold to companies organized by senior managers and former business owners prior to their acquisition by Loring Ward.
The company expects to receive $17 million for one such practice, located in Century City, California. The second practice, located in Encino, California, is expected to bring in $4 million for Loring Ward.
“This confirms our commitment to the company’s core business of asset management and advisory services, through which we offer Loring Ward advisory services and a turnkey asset management program,” said Robert Herrmann, CEO of Loring Ward. “We intend to continue to leverage the momentum we are experiencing in this industry and strive to create value for our shareholders.”
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Ontario announces consultations
(November 20, 2006) The Federal Government’s Standing Committee on Finance and Economic Affairs announced that it will launch province-wide pre-budget consultations starting next month.
The first meetings will be held in Toronto on December 7 and 14. Further meetings will be held in Kenora, North Bay, Ottawa and Windsor during the week of January 22, 2007; and in Barrie, Belleville, Hamilton and Toronto during the week of January 29, 2007.
Anyone wishing to participate in an oral presentation should contact the committee officer by 5 p.m., November 28, 2006. Written submissions must be received by January 29, 2007.
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TD takes Banknorth private
(November 20, 2006) TD Bank Financial Group announced plans to convert its U.S. subsidiary into a private company, offering $32.33 per share for all outstanding shares of TD Banknorth Inc.
“This transaction provides TD Banknorth shareholders the opportunity to realize the fair value of their shares while offering TD Bank Financial Group shareholders the long-term benefits of 100% ownership of the U.S. banking business in an attractive market,” said Ed Clark, president and CEO of TD Bank Financial Group. “TD Banknorth’s strength has always been that it is a customer-focused bank, and we don’t expect that to change in light of today’s announcement. We remain committed to the future of TD Banknorth.”
Before the announcement, TD owned 57% of all TD Banknorth shares. The transaction is being called a “merger” and has received unanimous approval from TD Banknorth’s board of directors. The total transaction cost is estimated at US$3.2 billion, or CDN$3.6 billion. The transaction is expected to close in March or April 2007, pending shareholder approval.
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Empire Life expands Trilogy UL
(November 20, 2006) Empire Life announced improvements to its universal Life product, Trilogy, representing the largest number of product improvements since its launch in September 2000.
Trilogy now offers a fifth insurance cost option that covers COI for 20 years. Empire Life has also expanded its investment offering to include five portfolio investment options and two equity investment options. Trilogy now includes a common ‘last to die’ feature which reduces the cost of insurance premiums to zero for the surviving policyholder in the event of the first’s death.
“Customers want low fees and actively managed funds – we can deliver both,” says Owen Rhoden, life and health marketing manager. “Our segregated funds have a proven track record of over 40 years and employ a conservative, value-oriented investment management style. Adding these options to Trilogy allows us to offer a high-quality product that meets the needs of our customers.
(20/11/06)
