RBC mutual funds saw almost $3-billion in net redemptions in March amid market turmoil: Royal Bank of Canada’s asset management business saw $2.8-billion in net mutual fund redemptions last month as investors scrambled for cash and moved from longer-term funds into less volatile money market funds. (Mark Rendell)
The weakest corporate pension plans now have even bigger problems: Corporate pension plans that came into the coronavirus crisis in weak shape are markedly less healthy now, and are facing hundreds of millions of dollars in new contributions to fix looming shortfalls. (David Milstead)
RBC launches more services for clients hardest hit in pandemic using hundreds of retrained staff: Royal Bank of Canada has retrained hundreds of staff to build custom financial relief plans for personal banking clients who are in the most severe financial stress caused by the economic fallout from the new coronavirus. (James Bradshaw)
Home and auto insurers offer economic relief during COVID-19 pandemic: Home and auto insurers are joining Canada’s big banks in offering customers economic relief during the outbreak of COVID-19. (Clare O’Hara)
Gateway casino IPO in jeopardy as U.S. partner faces problems: Private equity-owned Gateway Casinos and Entertainment Ltd. has been trying to go public, pay back lenders and cash out its backers for eight years. That quest seems destined to continue, as a $1.5-billion deal Gateway struck in December with U.S. buyer Leisure Acquisition Corp. is now in jeopardy because of COVID-19. (Andrew Willis)
PACE Savings & Credit Union names Barbara Dirks as new CEO: PACE Savings & Credit Union Ltd. has hired banker Barbara Dirks as its new chief executive officer, marking a milestone in its recovery from a scandal that prompted a regulator to seize control of the credit union. (James Bradshaw)
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