Singh steps back from Fortune Financial

Article Abstract:

Fortune Financial Management Inc.'s founder David Singh will become chairman and CEO of Destiny Financial Group, the newly created holding company which will go public later in 1998. Meanwhile, Singh will be giving up his day-to-day management functions in Fortune as part of a corporate reorganization. Destiny, which is the consolidation of the mutual fund distributor and two money management firms, will have about C$750 million in mutual fund assets under management, C$1.2 billion in pension assets and a sales force of 550 across Canada.

Comment:

Founder David Singh will become chairman and CEO of Destiny Financial Group

Executive changes & profiles, Fortune Financial Management Inc.

---

Gentra plans share swap to maintain control, key asset

Article Abstract:

Gentra Inc., a real estate firm headquartered in Toronto, Ontario, is proposing a stock swap in some of its voting shares to nonvoting shares in an effort to prevent change in share control and a loss of over C$600 million in tax losses. The move is expected to allow Gentra to repurchase some of its shares on the open market without the need to boost the voting stake controlled by Brookfield Properties Corp. The company also hopes to acquire as much as 10% of its shares over the Toronto Stock Exchange in the next 12 months.

Comment:

Proposes a stock swap in some of its voting shares to nonvoting shares in an effort to prevent change in share control

Stockholder data, Gentra Inc.

---

In-and-out traders unwelcome, firms say: Taking steps to shore up confidence

Article Abstract:

The scandal sweeping through the U.S. mutual fund industry has prompted many Canadian companies to take steps to boost investor confidence before it also becomes badly shaken in the country. Companies have already started using manual and electronic surveillance tools to detect inappropriate short-term trading opportunities by hedge fund managers and other market professionals.

General services, Financial management, Management investment, open-end, Usage, Safety and security measures, Investor relations, Mutual fund industry, Electronic surveillance

Similar abstracts:

• Abstracts: Derlan plans sale of industrial group. Derlan to unload semiconductor assets. Leading bidder for Bally shoes said to be ex-president of Bata
• Abstracts: Ontario court backs Sun Life deal. Court rules against Great-West. Sun Life ordered to pay penalty in fraud case
• Abstracts: Eaton's slashes earnings forecast. Sears seeks 66% more of men's wear market. Hudson's Bay expects turnaround
• Abstracts: Motorola plans to cut 15,000 jobs. Bell Atlantic strike will mean delays. Venture companies log on to Internet success
• Abstracts: Sun Life policy holder seeks to quash appeal. Insurers suspend secret merger talks. Insurers reveal CEOs' pay

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