TORONTO (Reuters) – The looming shift of money to and from the baby boomers promises to be the greatest intergenerational wealth transfer in history, and Canadian financial advisers are looking to investment and insurance strategies to help clients hold onto their money.
A Decima Research study found Canadian baby boomers are expected to inherit C$1 trillion ($906 billion) from their frugal Depression-era parents in the next 12 years, just as their own cash-strapped offspring look to them for help to get a start in life.
TORONTO, April 1 (Reuters) – The Ontario Teachers’ Pension
Plan, one of Canada’s biggest investors, said Tuesday it had a
10.9 percent rate of return on its investments in 2013, bringing
net assets to a record C$140.8 billion ($127.6 billion).
The strong 2013 returns erased Teachers’ funding shortfall.
Preliminary results showed a C$5.1 billion surplus, the plan’s
first in 10 years. The fund’s rate of return since inception in
1990 has been 10.2 percent.
TORONTO, March 31 (Reuters) – An aging workforce and looming
regulatory change are driving stiff competition between Canada’s
top wealth managers to recruit new advisers, a costly and
arduous process that makes finding the right fit crucial for
With the average age of advisers at full-service investment
companies nearing 50 and compliance demands rising, top-tier
firms say the next few years may bring the stiffest competition
yet as advisers and employers jockey to find a permanent match.
TORONTO (Reuters) – Alternative asset manager Sprott Inc (SII.TO: Quote, Profile, Research, Stock Buzz) said on Thursday its earnings hit bottom in the final quarter of 2013 as resource markets swooned, and it expects to do better in 2014 as it considers what to do with ample cash.
Toronto-based Sprott has long been bullish on precious metals and profited handsomely when their prices soared after the financial crisis.
TORONTO, March 17 (Reuters) – Sales of existing homes in
Canada edged higher in February from January, the first monthly
increase after five straight declines, the Canadian Real Estate
Association said on Monday, but it trimmed its sales forecast
for this year.
The industry group for Canadian real estate agents said home
resales were up 0.3 percent last month from January, seasonally
adjusted. On a year-on-year basis, sales rose 1.9 percent from
February 2013, not seasonally adjusted.
TORONTO (Reuters) – Toronto-Dominion Bank hopes to expand its U.S. wealth management business, targeting a million people with at least $100,000 in liquid assets who already are customers of its growing U.S. retail bank, said a senior executive of Canada’s second-largest lender.
Banks globally are battling to win both high-net worth clients, typically defined as those with at least $1 million in investable assets. Investors with at least $100,000 in assets are referred to as the “mass affluent.”
TORONTO, March 12 (Reuters) – Canadian home prices rose in
February, pushing a national index of prices to a record high
for the second month in a row, the Teranet-National Bank
Composite House Price Index showed on Wednesday.
The index, which measures price changes for repeat sales of
single-family homes, showed national prices rose 0.3 percent
last month from January.
TORONTO/WINNIPEG, Manitoba (Reuters) – The small gilded chapel at the Ukrainian Canadian Care Center, a retirement residence in suburban Toronto, is usually shuttered and dark midweek. But on Thursday, dozens of elderly immigrants and their caregivers gathered to pray for protesters and family back in Kiev.
At a mid-morning service, a priest from Toronto’s Ukrainian Orthodox Cathedral, Jaroslaw Buciora, told people the best thing they could do is pray for those back home. He and many others in the Ukrainian-Canadian community, which is estimated to number 1.2 million, are doing more than that, however – everything from sewing ribbons to sending cash in support of the Kiev demonstrators.
TORONTO (Reuters) – The Canada Pension Plan Investment Board (CPPIB), one of the world’s biggest pension funds, notched another quarter of strong returns but its chief executive officer said he wishes the fund had been more aggressive when prices were cheap.
CPPIB, which manages Canada’s national pension fund and is a major global dealmaker, said it had gross investment returns of 5.9 percent for the third quarter ended December 31, taking its five-year investment rate of return to an annualized 7.2 percent.
TORONTO, Feb 14 (Reuters) – Brookfield Asset Management Inc
notched its best year ever in 2013, more than doubling
its funds from operations in the fourth quarter, as investor
hunger for real assets drove profits and the company cashed in
on big bets made during the financial crisis.
The Canadian property, power and infrastructure investor
said on Friday its consolidated net income rose 9 percent to
$850 million, or $1.08 per share, in the fourth quarter and was
up 39.5 percent to $3.4 billion in 2013 as a whole.