Inside Investments

As you know, we are committed to providing you with investment updates on a continual basis. Here, we provide you with snapshots of important investment manager changes. It’s our way of keeping you up-to-date. For complete details on these updates, you can go to the Plan Sponsor Services website.

Here is a brief overview of recent changes. Plan sponsors may wish to consider whether the investment updates listed below have any implications for the investment options available within their plans.

Investment news

Legg Mason Canada Inc.  
Over the past few months, we have communicated a number of changes at Legg Mason Canada Inc. (Legg Mason).  The following are highlights of the changes

  • Legg Mason Fund name changes effective April 30, 2007:
    Old fund name New fund name
    Legg Mason T-Plus Segregated Fund Legg Mason Western Asset Canadian Money Market Segregated Fund 
    Legg Mason Liquidity Plus Pool Segregated Fund Legg Mason Western Asset Canadian Money Market Segregated Fund A
    Legg Mason Canadian Index Plus Bond Segregated Fund N/A. Fund merged.
    Legg Mason Canadian Active Bond Segregated Fund Legg Mason Western Asset Canadian Core Bond Segregated Fund
    Legg Mason Canadian Income Segregated Fund Legg Mason Western Asset Canadian Income Segregated Fund
    Legg Mason Canadian Coe Equity Segregated Fund Legg Mason Batterymarch Canadian Core Equity Segregated Fund
    Legg Mason Canadian Small Cap Segregated Fund Legg Mason Batterymarch Canadian Small Cap Segregated Fund
    Legg Mason North American Equity Segregated Fund Legg Mason Batterymarch North American Equity Segregated Fund
  • Legg Mason Fund mergers: Legg Mason merged the Legg Mason Canadian Index Plus Bond Fund with the Legg Mason Western Asset Canadian Core Bond Fund. As a result, at the end of April, Sun Life Financial merged the Legg Mason Canadian Index Plus Bond Segregated Fund with the Legg Mason Western Asset Canadian Core Bond Segregated Fund.
  • Legg Mason Money Market Funds transfer to SLF Money Market Fund:   By mid September 2007, Sun Life Financial will transfer the assets of the Legg Mason Western Asset Canadian Money Market Segregated Fund and the Legg Mason Western Asset Canadian Money Market Segregated Fund A to the Sun Life Financial Money Market Segregated Fund.
  • New Statements of Investment Policies: Effective March 2007, Legg Mason updated their Statements of Investment Policies for a number of funds. Key changes included fund name changes, fund mergers, and new benchmarks. 

Personnel changes at McLean Budden Limited
On January 15, 2007, McLean Budden Limited (McLean Budden) announced the upcoming retirement of three of their partners, Bill Giblin, Stella Lam, and Ted Thompson in June 2007. Ms. Lam has been responsible for portfolio administration, while Mr. Giblin and Mr. Thompson were involved in equity research and portfolio management.

Benchmark changes at AIM Trimark Investments
Effective January 1, 2007, AIM Trimark Investments adjusted their benchmarks for the Trimark Canadian Fund and the Trimark Income Growth Fund. Effective April 1, 2007, the benchmark allocation as well as maximum allowable allocation to foreign equities was increased for the Trimark Canadian Fund.

CC&L introduces emerging markets exposure
Effective April 1, 2007, Connor, Clark & Lunn Investment Management Ltd. introduced an emerging markets component into their global equity strategy.

Changes at Russell Investments Canada
Russell Investments Canada announced a new offering memorandum for Russell LifePoints Portfolios, and portfolio manager changes to the Russell Canadian Equity fund.

ABN AMRO Holding N.V. and Barclays PLC announce agreement on terms of merger
The Managing Board and Supervisory Board of ABN AMRO Holding N.V. (ABN AMRO) and the Board of Directors of Barclays PLC (Barclays) jointly announced in a press release on April 23, 2007, that they have reached an agreement to merge ABN AMRO Holding N.V. and Barclays PLC.

Personnel changes at Beutel Goodman
Effective April 2007, Andrew Sweeney left Beutel Goodman & Company Ltd. Mr. Sweeney was a member of the Canadian Equity Portfolio Management team as well as the Equity Research team.

Revised Statement of Investment Policies and Procedures at Phillips, Hager & North Investment Management Ltd.
Effective March 22, 2007, Phillips, Hager & North Investment Management Ltd. revised their Statement of Investment Policies and Procedures to update the address for their Montréal office.

Revised Investment Objectives and Strategies at Fidelity Investments
This May 2007, Fidelity Investments (Fidelity) updated their Investment Objectives and Strategies to reflect changes to the Fidelity Global Fund that were effective December 4, 2006.