(January 22, 2007) The latest retirement survey by Desjardins Financial Security shows that 72% of couples will not be able to retire in the same year.
By surveying more than 1,600 Canadian adults, Desjardins found that only 28% of workers aged 40 and older expected to retire at the same time as their spouses.
Desjardins said the main reason for the scheduling discrepancy is the age difference between the spouses, but some financial considerations are also cited. In fact, 36% expect to continue working after their spouse retires to provide financial support for their children.
“For couples with children, 67% indicated that their children still need financial assistance to cover basic expenses such as housing, food, education and transportation,” said Monique Tremblay, senior vice president of savings and segregated funds at Desjardins. “If the younger spouse continues to work, there is a greater chance that the couple will be able to continue to support adult children when needed, without drawing down retirement savings prematurely.”
In addition to age and finance issues, the survey also revealed a growing trend among people over 40 years of age wanting to continue working beyond retirement age, regardless of their financial or personal situation. Twenty percent of respondents said they enjoyed their job, while another 12% said they would be bored in retirement and said work was “something to do.”
“The results indicate that retired people are willing to continue working after their spouse retires, but there are several challenges in how this can be done,” Tremblay says. “Although our comparative data shows that the partial pension is slowly declining, from 61% in 2005 to 56% in 2006, it still shows that over half of those surveyed in the 40+ age group are willing to continue working, so it is reasonable to It is definitely worth looking for solutions that are beneficial to both parties, both employers and employees.”
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AGF abandons ING but retains fund manager
(22 January 2007) AGF Funds announced on Monday that it has decided to end its sub-advisory relationship with ING Investment Management and that, effective immediately, AGF’s Chief Investment Officer, Martin Hubbes, will take over management of the AGF Dividend Fund.
Marc-André Robitaille, a former fund manager, left ING and agreed to join forces with AGF in a strategic alliance. In the coming weeks, AGF will take steps to enable it to resume management of the fund.
AGF CEO Randy Ambrosie believes adding Robitaille to its lineup will ensure a smooth transition of the fund from ING to AGF.
“The AGF was pleased with Mr. Robitaille’s leadership and approached him about the opportunity to form an alliance with us,” Ambrosie said. “The fund will be effectively managed by one of our most senior investment managers, and the alliance with Mr. Robitaille will add another skilled manager to our ranks of investment managers. AGF is proud to attract and retain great fund managers and believes that the alliance with Mr. Robitaille will further strengthen our team.”
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Manulife expands operations in China
(January 22, 2007) Manulife Financial’s East Asian subsidiary, Manulife-Sinochem Life Insurance, has received approval from the China Insurance Regulatory Commission to open sales offices in two fast-growing Chinese cities, Changzhou and Deyang.
The Changzhou office will be Manulife’s third city license in Jiangsu Province, while the Deyang office will be Manulife’s second city license in Sichuan Province.
Canadian Finance Minister Jim Flaherty visited the company’s headquarters in Shanghai, where he touted Manulife’s continued expansion in China as beneficial to Canada and China.
“It is in the interest of both countries for Canadian and Chinese expertise to combine to offer innovative financial products and services to the Chinese people,” Flaherty said.
“The Canadian and Chinese governments have been very supportive of Manulife as we have expanded our business in China over the past ten years,” said Marc Sterling, president of Manulife-Sinochem. “Manulife-Sinochem’s success is a true testament to the strong relationship between Canada and China, as well as between Manulife and our Chinese joint venture partner, Sinochem Corporation.”
Manulife said Changzhou and Deyang are economically prosperous cities in China and markets that offer great potential for Manulife-Sinochem. The company is currently licensed in 19 cities across China and plans to expand further domestically throughout the year.
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RBC offers a number of new products
(January 22, 2007) On Monday, RBC Asset Management announced the launch of a number of new products, including two new equity funds, O’Shaughnessy Global Equity Fund and RBC O’Shaughnessy All-Canadian Equity Fund, as well as RBC Select Portfolio aggressive growth.
The RBC O’Shaughnessy Global Equity Fund is a go-anywhere fund with holdings in both growth and value companies in North America, Europe, Asia and emerging markets. The RBC O’Shaughnessy All-Canadian Equity Fund will offer investors a “100% Canadian” portfolio of both equity and growth securities.
The funds will be issued in partnership with Jim O’Shaughnessy, senior managing director at New York-based Bear Stearns Asset Management, and will be added to the RBC O’Shaughnessy Fund series, joining the RBC O’Shaughnessy Canadian Equity Fund and RBC O’Shaughnessy US Growth Fund – both closed to new investors – as well as the RBC O’Shaughnessy International Equity Fund and the RBC O’Shaughnessy US Value Fund.
The RBC Select Aggressive Growth Portfolio will invest in a diversified portfolio consisting of approximately 35% Canadian and North American equities, 35% U.S. equities and another 30% international equities.
RBC said the new portfolio complements its RBC Select Portfolios suite of solutions, which already caters to conservative, balanced and growth investors.
The RBC Select Portfolios suite of solutions is led by experienced RBC Asset Management fund managers Jennifer McClelland, vice president and senior portfolio manager, and John Varao, senior vice president.
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Liquidnet takes over Miletus
(January 22, 2007) Liquidnet, a global leader in block trading, today announced that it has signed a definitive agreement to acquire Miletus Trading, an agency-only brokerage firm that provides institutional investors with advanced, quantitative trading execution strategies and analysis.
Liquidnet CEO Seth Merrin said the acquisition of Miletus would increase its institutional trading presence.
“Liquidnet’s acquisition of Miletus is an integral part of our strategy to build a more efficient global institutional market for the buy-side,” Merrin said. “Miletus and Liquidnet are like-minded companies. Both companies focus on how innovation and technology can empower buy-side traders and improve their trading results. Together, Liquidnet and Miletus will launch a next-generation institutional trading model.”
The transaction is expected to close by the end of March, pending regulatory approval.
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(22/01/07)
