Canada Savings Bonds, Series 120, and Canada Premium Bonds, Series 70, are on sale until Nov. 1. The CSBs will pay an annual interest rate of 0.4% and can be cashed at any time. The CSB interest rate, posted for a one-year period, is guaranteed and may be increased during this period if market conditions warrant, says the Department of Finance. The CPBs can be redeemed only once a year \u2014 on the anniversary of their issuance and for 30 days thereafter \u2014 and have an interest rate of 1%. CPB interest rates, posted for Years 1 through 3, are guaranteed and may be increased up until the issue date if market conditions warrant. Once the issue date has passed, no changes to the posted interest rates will be made. Both the CSBs and CPBs have 10-year terms to maturity. The new interest rates also apply to bond series dating back to 1991. Finance Canada also announced that the maturity date of Nov 1, 2009, on the Series 60 CSBs (issued Nov. 1, 1999) and the Series 9 CPBs (issued Nov. 1, 1999) has been extended to Nov. 1, 2019. Minimum investment for both the CSBs and the CPBs is $100.
Manulife offers three new seg funds<\/b>
Toronto-based Manulife Financial Corp. has launched a new segregated fund platform, with three investment series within a new GIF Select product platform: InvestmentPlus, IncomePlus and EstatePlus. The new series will offer investors products for their accumulation, income and estate-planning needs. InvestmentPlus will provide investors with the choice of more than 75 funds, competitively priced management expense ratios, basic protection and investment flexibility. IncomePlus (Version 2) is an updated version of Manulife\u2019s existing IncomePlus and will continue to meet the needs of investors in their pre- or early retirement years by offering guaranteed income for life, growth potential of the market and income protection from market downturns. This investment vehicle will also continue to offer resets, annual income bonuses and a 100% death-benefit guarantee. A new joint life payout option will also be available. In the event one spouse dies, this option can allow the surviving spouse to continue to receive income at the same level, uninterrupted for the balance of his or her life. EstatePlus is a new series focused on estate planning; it offers a 100% death-benefit guarantee with resets, and will help investors who do not require income protection to protect their legacy for their beneficiaries. Minimum investment for InvestmentPlus is $2,500; for IncomePlus, $25,000; and for EstatePlus, $25,000.
Portfolio management changes at BMO<\/b>
Toronto-based BMO Investments Inc. announced that, effective Dec. 24, London, England-based Insight Investment Management (Global) Ltd. will no longer serve as portfolio manager for BMO Global Equity Class Fund. A search for a new portfolio manager is being undertaken and a replacement will be announced on or before Dec. 24. In addition, BMO intends to change the portfolio manager of each of BMO American Equity Class, BMO European Fund, BMO Emerging Markets Fund and BMO U.S. Dollar Monthly Income Fund. Chicago-based Harris Investment Management Inc. will replace Toronto-based Jones Heward Investment Counsel Inc. as portfolio manager of BMO American Equity Class. Jones Heward will replace New York-based Sanford C. Bernstein & Co. LLC as portfolio manager of BMO European Fund, with New York-based Vontobel Asset Management Inc. as subadvisor for the fund. Toronto-based Lazard Asset Management (Canada) Inc. will replace Sanford C. Bernstein as portfolio manager of BMO Emerging Markets Fund. Jones Heward and Lazard Asset Management will replace Toronto-based UBS Global Asset Management (Canada) Co. as portfolio co-managers of BMO U.S. Dollar Monthly Income Fund. The changes will take effect on Nov. 20 to Nov. 27.
CIBC Newcomer to Canada Plan<\/b>
Toronto-based Canadian Imperial Bank of Commerce has introduced the CIBC Newcomer to Canada Plan, which will provide an all-in-one banking service to those clients who have just arrived to Canada. The plan addresses the most pressing needs newcomers have when arriving in Canada, says CIBC: establishing their credit rating, keeping funds and valuables safe, and setting up easy access to their money. Available to qualifying newcomers, the CIBC Newcomer to Canada Plan consists of free day-to-day banking for one year when clients open a CIBC Everyday chequing account. Also, newcomers will not pay monthly fees or fees on transactions such as withdrawals at CIBC branches and bank machines, writing cheques, bill payments and pre-authorized payments. In addition, participants in the CIBC Newcomer to Canada Plan will receive up to $45 cash back on a new safety deposit box when they have a CIBC chequing account, as well as a streamlined mortgage approval process and low down-payment options. The plan is available to newcomers to Canada who have obtained landed immigrant status within the past two years.
@page_break@Compiled by Clare O\u2019Hara (cohara@investmentexecutive.com)<\/i>
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