Haywood Securities hires new head of energy banking
Haywood Securities Inc. has hired a new head of energy banking, just as signs point to improvements in the oil industry's fortunes.
Haywood has named Vic Rodberg managing director and head of energy investment banking in the dealer's Calgary office, filling a post that has been vacant since early this year.
Mr. Rodberg, a 12-year veteran in the research and banking parts of the industry, spent the past year in a consultant role, advising public and private company clients on mergers and acquisitions. Before that, he spent five years in investment banking at Cormark Securities Inc.
The move comes as the oil patch studies the impact of a new production-quota deal among members of the Organization of Petroleum Exporting Countries that has pushed U.S. oil prices above $51 (U.S.) a barrel as well as federal approvals of two multibillion-dollar crude pipelines. Story
National Bank strikes partnership with Bill Gross
National Bank of Canada is striking a partnership with Bill Gross, once dubbed "the king of bonds."
The country's sixth-largest bank started a new global fixed-income fund mid-last month and its portfolio is being managed by Mr. Gross and the team at Denver-based Janus Capital Management LLC.
The NBI Unconstrained Fixed Income Fund will invest mainly in fixed-income securities of issuers with various maturities and credit ratings, according to the fund's prospectus. It also includes a mix of other asset classes including common and preferred shares, mortgage-backed securities and derivatives. Up to 25 per cent of the fund's net assets can be invested in high-yield bonds. Story
Proxy adviser knocks CIBC's big takeover bid, CEO unfazed
Canadian Imperial Bank of Commerce's chief executive officer is confident investors will bless his $4.9-billion bid for Chicago-based PrivateBancorp next week, despite the objection of one major proxy adviser.
In June, CIBC agreed to acquire PrivateBancorp, a private and commercial bank with about 18-billion (U.S) in assets, for a mix of cash and stock. If approved, the deal will be the biggest in CIBC's history and will boost the bank's presence in the U.S., recasting the perception that it is overly exposed to Canada. Story
If investment advisers disappear, how will companies raise money?
As Canadians debate the role investment advisers should play in managing their money, there is one argument that continues to get overlooked: The help they provide to companies who need to finance.
With the wealth management business under siege, as regulators crack down on fees and low-cost funds hurt total revenues, there is a cloudy future for investment advisers. The industry's evolution is raising questions about the effects on individual investors and what type of advice they are able to get. Story
Full stories are reserved exclusively for Globe Unlimited subscribers. Click here to sign up