Wealthsimple launches first crypto exchange in Canada

September 22, 2020.
Canadian fintech company Wealthsimple launched its country’s first regulated crypto exchange on Monday, just a month after regulators gave the company the go-ahead.

Sun Life adds COVID-19 outbreak coverage to stop-loss insurance

Last modified September 22, 2020. Published September 22, 2020.
Sun Life Financial U.S. has added a trio of COVID-19 insurance products to its stop-loss line, including coverage for outbreaks in the workplace, as a way to try to meet the high demand for pandemic-related coverage options.

World Economic Forum council pitches universal ESG reporting standards

September 22, 2020.
A group of global businesses led by Bank of America on Tuesday put forward a universal set of standards for measuring and disclosing environmental, social and governance factors in nonfinancial reporting for investors, laying the groundwork for alignment on an issue that has proved slippery despite widespread acknowledgement of its importance.

Norway eyes sovereign wealth fund equities shift toward U.S., away from Europe

Last modified September 21, 2020. Published September 21, 2020.
Norway’s Ministry of Finance said on Monday that it is considering shifting its equities benchmark for its sovereign wealth fund, which is ranked as the world’s biggest, away from Europe and toward the U.S. and Canada, a move that it said will help improve alignment with “value creation” of publicly traded companies.

Canada’s CI Financial picks up another American RIA with Bowling deal

September 21, 2020.
Toronto-headquartered CI Financial revealed Monday that it gained additional ground in its continued charge into U.S. wealth management business with a deal to acquire Ohio-based Bowling Portfolio Management and its $450 million in assets under management.

Canadian investment firms acquire stake in Northleaf Capital Partners

September 17, 2020.
Mackenzie Financial and insurance holding firm Great-West Lifeco have acquired a strategic interest in Northleaf Capital Partners, advancing an expansion for Mackenzie into private equity investment.

Bank of Canada senior deputy governor Wilkins will not seek second term

Last modified September 17, 2020. Published September 17, 2020.
Carolyn Wilkins will not seek a second term as Bank of Canada senior deputy governor, setting an end date on her 20-year career at the bank after being passed over for the governor position in the spring.

Systemically important banks stand best chance of weathering pandemic: Moody’s

Last modified September 17, 2020. Published September 17, 2020.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.

Blackstone joins Lloyd’s market via investment in digital syndicate Ki

September 17, 2020.
U.S. private equity firm Blackstone is making a foray into the Lloyd’s of London market as one of two investors committing $500 million to all-digital syndicate Ki, specialty insurer Brit, the startup’s inaugural backer, said Thursday.

TD adds two mutual funds to sustainable investing lineup

Last modified September 17, 2020. Published September 17, 2020.
TD Asset Management added to its lineup of sustainable investing options on Thursday with the launch of two new mutual funds focused on creating wider access to the growing trend of green finance in Canada and throughout North America.

PIMCO adds ex-central bank chief Mark Carney to global advisory board

Last modified September 16, 2020. Published September 16, 2020.
PIMCO, the eighth-largest U.S. asset manager, has tapped former central bank veteran and climate finance specialist Mark Carney to join a team of high-profile advisors helping to inform the firm’s investment decisions.

Canada’s Manulife to cover coronavirus-related travel interruptions, health expenses

September 16, 2020.
Canadian insurer Manulife will offer coverage for coronavirus-related travel interruptions and health expenses starting in October as part of a new travel insurance plan, the firm said Wednesday.

Federal Reserve expects to keep interest rate near zero until 2023

September 16, 2020.
The U.S. Federal Reserve maintained its near-zero interest rate levels on Wednesday, signaling in a set of economic projections that it does not expect to raise interest rates through at least 2023.

Vanguard Canada division launches retirement income ETF

September 16, 2020.
Vanguard Asset Management’s Canadian arm has rolled out a new exchange-traded fund designed to pay steady monthly income to retirees, a product the company said could help investors manage risk and avoid outliving their savings.

Apollo names leadership of impact investing platform as it embraces ESG trend

September 15, 2020.
Alternative investment manager Apollo named the leadership team of its new impact investing platform on Tuesday, becoming the latest private equity firm to pledge to focus on environmental, social and governance goals.

Munich Re inks parametric partnership for crop growers hedging weather risks

September 15, 2020.
Munich Re said Tuesday that it’s working with digital agriculture company Farmers Edge to “transform” parametric insurance for crop growers through unique, farm-specific technology that can detect weather-related claims and trigger instant payouts.

Visa rolls out online checkout service in Canada as e-commerce surges

Last modified September 15, 2020. Published September 15, 2020.
Visa said on Tuesday that it is bringing its online checkout service Click to Pay to Canada, which will let shoppers make purchases without needing to repeatedly manually give their passwords and account numbers, citing a recent surge in domestic e-commerce.

CORRECTED: Bank of Montreal expands sustainable lineup with launch of four new retail funds

September 15, 2020.
BMO Investments launched four new sustainable funds, creating new options for retail investors interested in low-risk sustainable investing, as it catches up on the surging environmental, social and governance trend. Correction: A previous version of this story misstated the number of BMO's existing sustainable funds and the total assets BMO Financial Group had under management. The errors have been corrected.

UK court win for business interruption policyholders puts insurers on notice

Last modified September 15, 2020. Published September 15, 2020.
Insurers are expected to appeal the U.K. High Court’s ruling in a high-profile test case brought by the country’s financial regulator, but policyholder advocates largely declared victory after several wordings were found to trigger coverage for COVID-19 business interruption losses, affecting 370,000 policyholders and establishing a marker for the industry.

US could fall behind Europe on sustainable investing policies: Fitch

September 14, 2020.
U.S. investment managers are receiving less regulatory support for sustainable investing practices than European Union and U.K. counterparts, creating a risk they may fall behind on that trend, Fitch said.