Canaccord exploring options for U.K. wealth management unit, including possible sale: Canaccord’s U.K. and Europe wealth management division began in 2012, and has grown through a series of acquisitions, and is now Canaccord’s largest wealth management division, employing 209 investment professionals and fund managers with $43.5-billion in assets under management. (Mark Rendell and James Bradshaw)
Sun Life net income falls as COVID-19 weighs down second-quarter earnings: Sun Life said it had both positives and negatives from the pandemic in its results. It said it believes most of $12-million in unexpected payouts, what is called “unfavourable experience,” in its life insurance business was caused by COVID-19 deaths, but the extra payouts on life policies were offset by savings on annuities. (David Milstead)
Murray Sinclair is buying as Dundee Corp. focuses on junior mining: Veteran west coast dealmaker and Dundee Corporation director Murray Sinclair is literally buying into the junior mining pivot. Since May 19, he has spent $2-million buying Dundee Corp. shares at an average price of $1.23. (Ted Dixon)
Manulife joint venture in China faced whistle-blower complaints: In late July, 2017, the first in a series of bank transactions moved money out of the personal accounts of several insurance executives to an account belonging to Manulife-Sinochem Life Insurance Co. Ltd. (Nathan VanderKlippe)
Canada’s big banks resume advertising with Facebook after one month boycott: Canada’s major banks have resumed buying ads on Facebook after halting spending in July in an effort to press the social-media company to do more to stamp out hate speech and misinformation on its sites. (James Bradshaw)
Goldman Sachs lowers quarterly earnings citing legal provisions: Goldman Sachs Group Inc on Friday lowered its previously stated quarterly earnings as the bank set aside more money to pay for its settlement with the Malaysian government over the multi-billion 1MDB scandal. (Reuters)
SNC scales back energy, mining business by more than half: The Montreal-based engineering company will close or sell resource operations in 21 of 30 countries where it currently has offices to focus on select key markets, SNC said in a statement accompanying second-quarter results Friday. The move will result in a 60-per-cent drop in employees working on resource contracts, from 15,000 to 6,000 people by the end of next year, the company said. (Nicolas Van Praet)
Manulife records U.S. profits on falling long-term care costs during COVID-19 pandemic: In addition to reduced long-term care claims because of deaths, claims from the living also declined, either from customers leaving long-term care facilities or not receiving home-care visits. But Manulife believes both of those trends “are just a delay in claims – people need the care,” Mr. Finch said. So, the company created a $100-million reserve for future claims. (David Milstead)
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