Unlike CPPIB’s pandemic performance, AIMCo’s gives Albertans cause for concern: Canadians can take comfort from knowing their pension plan was well-managed during a brutal market meltdown. However, Albertans have new reasons to worry about poor performance from their government-owned fund manager. (Andrew Willis)
CPPIB weathers coronavirus downturn with modest investment loss: The Canada Pension Plan Investment Board managed to stay in the black for its just-completed fiscal year, despite a final quarter that shaved more than $10-billion from the pension’s assets. (David Milstead)
Scotiabank profit drops 41% as loan-loss provisions soar amid pandemic fallout: Bank of Nova Scotia’s profit plunged by 41 per cent in the second quarter as reserves to cover potential losses on loans soared to levels not seen even during the 2009 financial crisis – yet many investors still greeted the results as reassuring news. (James Bradshaw)
National Bank reports second-quarter net income of $379-million: National Bank of Canada says its net income plunged nearly 33 per cent in its second quarter as it put aside $504 million in provisions for credit losses. (The Canadian Press)
CI Financial buys minority stake in U.S.-based wealth manager Congress as international expansion continues: Independent fund giant CI Financial Corp. continues to boost its presence in the U.S. market with its latest purchase of a minority interest in Congress Wealth Management LLC, a Boston-based registered investment adviser firm that caters to high-net-worth families. (Clare O’Hara)
Toronto tech company Top Hat buys Nelson Education’s Canadian university textbook division: Canada’s largest education publisher, Nelson Education Ltd., has agreed to sell its domestic university textbook publishing business to Toronto technology company Tophatmonocle Corp. in a deal that heralds a hastening of the shift to online education here. (Sean Silcoff)
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