PEOPLE Arrow Capital plans to merge two funds Arrow Capital Management has announced a plan to merge two funds that it manages. Subject to regulatory and unitholder approval, Arrow Capital will combine the Exemplar US HighYield Fund and the Exemplar Growth and Income Fund; the former fund will be terminated and merged into the latter. A special meeting of unitholders is scheduled for Feb. 21; Arrow Capital informed those entitled to vote shortly after Jan. 20. If approved, the merger is expected to take effect after close of business on or before Feb. 28.
ScotiaFunds unveils fee model changes
ScotiaFunds has announced a simplified pricing framework for its entire lineup of 51 funds, consisting of four management fee levels: fixed income (1.1%), equity income/dividend income (1.5%), balanced (1.65%) and equity funds (1.75%). Meanwhile, Scotia Selected Portfolios will see management fee reductions from 0.05% to 0.2%, and Scotia Partners Portfolios will be priced at 0.25% above the equivalent Selected portfolio. Finally, the Scotia Aria Portfolios’ prices have been tweaked so that corresponding Series A and Premium Series offerings have equal management fees.
Wealthsimple announces new pricing structure
Online investment service Wealthsimple has unveiled a new two-tier pricing scheme. Wealthsimple Basic, for clients with assets below $100,000, includes a 0.5% management fee, a personalized portfolio, on-demand advice from experienced portfolio managers, automatic portfolio rebalancing and dividend reinvestment, and free management for the first $5,000. Wealthsimple Black, for clients with more than $100,000, has the same features, but also boasts a 0.4% management fee, a pass granting access to 1,000+ global airline lounges, goal-based financial planning with an experienced portfolio manager, tax-loss harvesting and tax-efficient funds.
NAME
LEAVING
JOINING
NEW POSITION
Howard Atkinson
N/A
Hamilton Capital Partners
Board member
Venkat Badinehal
Deutsche Bank
RBC
Co-head, US financial institutions investment banking
Dan Nowlan
CIBC
National Bank Financial
Vice-chair
Luke Seabrook
N/A
BMO Capital Markets
COO
Scott White
N/A
Mainstreet Health Investments
CEO
Philip Yuzpe
N/A
Sentry Investments
President and CEO
Three Deutsche Bank senior bankers join RBC RBC Capital Markets has welcomed three senior bankers from Deutsche Bank who specialize in advising banks. Among those hired is Venkat Badinehal, who served as Americas head of Deutsche’s financial institutions group. Joining Deutsche in 2009 from Merrill Lynch, Badinehal has brokered numerous deals, including BB&T’s $1.8 billion acquisition of National Penn Corp. and its $2.5 billion takeover of Susquehanna Bancshares. Badinehal will lead RBC’s US financial institutions investment banking unit alongside current head Jerry Wiant. Also joining RBC are managing directors Jason Braunstein and Saurabh Monga, who were also previously wooed to Deutsche Bank from Merrill Lynch along with Badinehal. The hires come amid increased speculation about bank mergers following a post-US election surge in financial firms’ stock prices.
Sentry Investments announces new CEO Sentry Investments has announced that its president and COO of more than three years, Philip Yuzpe, will be taking on the position of president and CEO. Yuzpe succeeds Sean Driscoll, who had held the position since 2013. Since joining Sentry in 2006, Yuzpe has become “a seasoned executive with proven operational and leadership skills,” said Sentry founder and chairman John F. Driscoll. “[We] could not be more pleased that he has accepted this expanded role.” “Our success starts and ends with a high-performance culture and an unwavering commitment to our clients and our core values of teamwork, collaboration and respect,” Yuzpe said. “I look forward to continuing to instill those values in our employees and to embody them in my new role.”
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