Fund firms under fire over Portus: Hedge fund sales practices to be probed

Article Abstract:

A handful of firms, including Manulife Securities International Ltd. and the Berkshire Group of companies, whose sales agents referred clients to embattled hedge fund Portus Alternative Asset Management Inc., are likely to be investigated by the self-regulatory body that oversees Canada's mutual fund dealers. The sales practices at these firms will be examined to determine whether agents made sure that Portus funds were suitable for their customers.

Legal issues & crime, Management investment, open-end, Company legal issue, Investigations, Mutual fund industry

---

Great-West buying U.S. life business

Article Abstract:

Great-West Lifeco Inc of Winnepeg, Manitoba, has agreed to purchase the US group life and health insurance business of Allmerica Financial Corp of Worcester, MA, in a deal that analysts estimate to be worth C$150 million. Great-West will purchase the operation via its subsidiary, Great-West Life and Annuity Insurance Co of Denver, CO. Due to close on Mar 1, 2000, the deal will provide Great-West a business covering 400,000 people.

Asset sales & divestitures, Foreign operations, Insurance Carriers and Related Activities, Insurance, Allmerica Financial Corp., Great-West Lifeco Inc.

---

Similar abstracts:

• Abstracts: Bronfmans under fire: the banks have to report on loans to Edper. A final gamble: O&Y bets on a real estate recovery
• Abstracts: Old warriors, new foes: the media. The pressure to change libel law. Polls, news and public cynicism
• Abstracts: Ford casts a shadow over Windsor plant. New vehicle prices jump 3% in 2002. Ford wants aid for new plant
• Abstracts: $170-million windfall for CEO. How Nortel lost the race to redemption
• Abstracts: Bluenotes chain to get major makeover. Magna to transfer unit's stake

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.