Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
CI Financial taps outsider as new CEO to execute turnaround strategy: CI Financial Corp. is hiring an outsider as its new chief executive officer, marking the first time in three decades that the Canadian fund company will be run by someone outside a close-knit circle of leaders. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. He succeeds current CEO Peter Anderson, who announced his retirement in April. Story (Tim Kiladze)
Why Ira Gluskin has a beef with Newton Glassman: Ira Gluskin has been unhappy with Newton Glassman for some time. A few folks on Bay Street have known about it. Mr. Gluskin is believed to have held his tongue about the matter in public settings. That changed earlier this summer, when Mr. Gluskin told an investment conference that he was “an unhappy investor who’s waiting to get my money back” from Mr. Glassman’s funds. Opinion (David Milstead)
SEC subpoenas Cool Holdings, settles fraud charges against investor: The top U.S. securities regulator has settled civil fraud charges against Barry Honig, an investor who has held stakes in a number of companies alongside Canadian dealmaker Andy DeFrancesco. Mr. Honig agreed to a lifetime ban from buying and selling penny stocks. The Securities and Exchange Commission, however, is continuing its queries. Story (David Milstead)
Why investors whose advisers are using behavioural technology may not be getting the best service: Good businesses build customer trust. Bad ones destroy it by playing pricing games. That was my thought when confronted by the price of potato chips at my local pharmacy, which held a two-pack for $4 sale. Those who wanted a single pack could get it for $4.29. I resisted the urge to buy two packs, destroy one and walk out the door better off than the single-pack purchaser. Opinion (Norman Rothery)
Apple begins rolling out its credit card: The Apple credit card designed primarily for mobile use is here. Some iPhone users who requested a notification about Apple Card will get invites Tuesday to apply through Apple’s Wallet app. Story (Associated Press)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs AND FINANCINGS
Transat slams Group Mach bid as ‘abusive,' says it will challenge offer with Quebec securities regulator: Transat A.T. Inc. is urging investors not to tender their shares to Group Mach Inc.’s latest bid, calling the attempt to block the Air Canada takeover “coercive” and “misleading.” Transat, a Montreal-based airline and tour operator, has agreed to a purchase by Air Canada worth $520-million, or $13 a share, despite complaints from some large shareholders the price is too low. Two-thirds of Transat shareholders must approve the deal in a vote on Aug. 23. Story (Eric Atkins)
Mastercard acquiring part of payments company Nets for US$3.19-billion: Payments processor Mastercard Inc said on Tuesday it would buy a majority of the corporate services businesses of Scandinavian payments group Nets for about 2.85 billion euros (US$3.19 billion), furthering its push into the Nordic markets. Story (Reuters)
IN CASE YOU MISSED IT
The race to restore CI Financial’s glory: Inside the mutual fund giant’s struggle to reconnect with investors: The call was controversial, and she knew it. Presenting at an investment conference last fall attended by some of the biggest names in North American finance, fund manager Kim Shannon devoted her 20-minute presentation to praising, of all companies, CI Financial Corp. In an earlier time, Ms. Shannon had been one of CI’s stars: She was crowned Canadian fund manager of the year in 2005 for her work on the CI Canadian Investment Fund. But she had a very public falling out with CI’s top brass after she moved to a rival firm; by the time she spoke on stage at Arcadian Court in Toronto last fall, the frosty relationship had lasted for more than a decade. Weekend Feature (Tim Kiladze and Clare O’Hara)
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