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Articles by Skyline Wealth
Investment opportunities in essential private alternatives
Join Wayne Byrd, Chief Financial Officer, Skyline Group of Companies, as he discusses current investment opportunities in the real estate and renewable infrastructure space. In this webinar, airing live on Tuesday, September 10, 2024, at 1:00pm ET, viewers will gain a better understanding of the role that interest rates, inflation, and immigration trends are playing in shaping the private alternative investment landscape in Canada.
Navigating the Future with Skyline Apartment REIT
Skyline Apartment REIT has become one of Canada’s largest multi-residential portfolios. It offers a compelling option for those looking to strengthen their investments against the unpredictability of the public market, while adding historical stability and a track record of consistent returns. Access to this investment can be further explored at www.skylinewealth.ca or Fundserv code SKY2006.
A Partner Report Series from Skyline Wealth Management
Skyline Wealth Management Inc. (“Skyline Wealth Management”) connects portfolio managers and institutional investors to several private alternative investments operating in the Canadian real estate and clean energy sectors and totaling over $8.2 billion in assets under management.
Skyline Industrial REIT makes second Rocky View County (Balzac) purchase
[Guelph, Ontario – December 21, 2023] Skyline Industrial REIT, a Guelph, Ontario-based Real Estate Investment Trust (REIT) focused on acquiring, managing, and developing modern warehouse and logistics facilities across Canada, is pleased to announce the acquisition of a major warehousing and logistics asset in Alberta.
Regulators learn from latest banking sector turmoil
Among other things, the report found the reforms to global capital rules adopted in response to the 2008 financial crisis largely worked as hoped. “The Basel III reforms that have been implemented to date helped shield the global banking system from a more severe banking crisis,” the report concluded.
CIRO to step up fund dealer oversight in Quebec
The date for the transition to CIRO oversight has not been set, and will be announced in the AMF Bulletin “when CIRO has the operational capability to perform or exercise the new functions and powers.” “CIRO and the AMF will work together on a timeline for implementation of the delegation of powers,” the regulators said in a release, adding that there will also be a transition period to allow fund dealers to move to CIRO.
What higher-for-longer rates mean for investors
Maddie Johnson The resurgence of the higher-for-longer trend in interest rates reflects a “very different macroeconomic environment” than investors saw in the previous decade, CIBC Asset Management’s chief investment officer says. Listen to the full podcast on AdvisorToGo, powered by CIBC. According to Luc de la Durantaye, the trend of higher rates was interrupted earlier this year amid the U.S. regional banking crisis and government debt ceiling concerns.
Progress for women in top roles plods along
More issuers had three or more women on their boards, with the proportion rising to 36% from 30% last year — and from 8% when the reviews first began. As well, 8% of the 602 public companies reviewed had a woman chairing its board, up from 7% last year. However, the proportion of women CEOs in the CSA’s sample remains 5%, as it has in the past three annual reports.
What to do when a client leaves
Todd Humber “We need to talk” are the four words no financial advisor wants to hear from a client. But by the time the phone rings, it’s often too late to salvage the relationship — the decision’s been made, the paperwork’s signed and the investments are moving to another advisor. “The honest truth is that no one advisor is a fit for every client,” said Jason Pereira, a senior partner and financial planner with Woodgate Financial in Toronto.
Despite gains, Canadian job market weaker than it looks
The unemployment rate continued to hold steady at 5.5% for the third month in a row. “While the headline figures will be grabbing most of the attention, we’d caution on getting too excited. Almost all the gains were in the historically volatile education sector,” said TD director of economics James Orlando in a client note. “Furthermore, most of the job gains were in part-time employment, causing the number of hours worked to decline.
U.S. employers add a surprising 336,000 jobs in September
Friday’s report from the U.S. Labor Department showed that the unemployment rate was unchanged at 3.8%, not far above a half-century low. The job market has defied an array of threats this year, notably high inflation and the rapid series of Fed interest rate hikes that were intended to conquer it. Though the Fed’s hikes have made loans much costlier, steady job growth has helped fuel consumer spending and kept the economy growing, defying long-standing predictions of a forthcoming recession.
Equity issuance surges in Q3: Refinitiv
This represents a 35% increase year over year, led by a strong third quarter, which generated $7.5 billion in new issue activity, up almost 80% from the previous quarter. The vast majority of the new issue activity were in secondary offerings, which were up 60% year over year in the first nine months of 2023. Meanwhile, both the initial public offering and retail structured products markets have struggled, with issuance down 87% and 85%, respectively, so far this year.
CSA chair outlines projects, commits to "thoughtful" regulatory approach
“We’re so much better when we’re actually talking to the people in the business [and] the investors,” he said. “It’s not to say that we necessarily adopt everything we hear, but we need to get the right information in front of us so we can make proper judgments.” Magidson was optimistic about the successful on-schedule merging in 2023 of Canada’s self-regulatory organizations to create the Canadian Investment Regulatory Organization (CIRO).
Rough return to office to weigh on banks: DBRS
“In DBRS Morningstar’s view, headwinds facing the office sector, which include oversupply, obsolescence and work-from-home dynamics, are secular, and the sector will take longer to recover than during normal cyclical lows, particularly in weaker markets,” it said.
Investors relying less on advisors for fund purchases: IFIC poll
Among ETF investors, only one-third (33%) made their last investment purchases through advisors, down one percentage point since 2022 and seven percentage points since 2021. The majority of mutual fund investors have done some self-directed investing, the survey found, and 42% said they’ll likely make an investment purchase without an advisor in the next year. Among ETF investors, that figure was 65%.
CSA issues new guidance for stablecoins
By Dec. 29, firms are expected to stop trading in stablecoins that are not directly backed by fiat currencies; by April 30, 2024, trading in fiat-backed crypto must comply with the conditions set out in the CSA’s new guidance. “Today’s notice sets out interim terms and conditions that would apply to cryptoasset trading platforms and the issuers of fiat-backed cryptoassets if they wish to continue allowing Canadian clients to purchase or deposit these assets,” the regulators said in a release.
Rising long-term interest rates pose latest threat to soft landing for U.S.
The jump in longer-term rates coincides with other threats, from higher gas prices and this week’s resumption of student loan payments to autoworkers’ ongoing strike and the risk of a government shutdown next month, all of which could leave consumers with less money to spend to power the economy. The strike by the United Auto Workers, now in its third week with no resolution in sight, could reduce vehicle sales in coming months.
Investors still trapped in Emerge ETFs six months into cease-trade order
The order, which has been in effect for nearly six months, represented the first time a CTO had been placed on a family of ETFs in Canada. “When this type of continuous disclosure default occurs, the issuance of a failure-to-file CTO follows to address investor protection concerns,” said JP Vecsi, senior public affairs specialist with the OSC, in an emailed statement to Advisor.ca.
Canada posts $718M merchandise trade surplus for August
BMO economist Shelly Kaushik said it was the first surplus since April. “Energy prices propelled a modest surplus in Canada’s merchandise trade account,” Kaushik wrote in a report. “But stronger-than-expected volumes suggest merchandise trade could add to third-quarter growth. Even so, the economy is expected to slow meaningfully in the second half of the year.” The merchandise trade surplus came as total exports rose 5.7% to $64.6 billion.
Toronto home sales drop 7% in September, while Vancouver market more balanced
Meanwhile, the average home price reached $1,119,428, a rise of 3.4% from August and a 3% increase from last September. New listings surged 44.1% to 16,258 in September compared with extremely low levels in September 2022, when there were just under 5,000. The number of listings also trended upward on a month-over-month basis.
Institutional investors committed to — and challenged by — ESG | Advisor's Edge
While survey respondents reported increasing their allocations to ESG strategies this year, implementation challenges persisted, with the top three being ESG performance, market data and regulation. Specifically, 38% of respondents cited the impact on returns, which was also the leading challenge in last year’s survey as markets favoured energy and utilities. As for ESG data, 30% of respondents cited a lack of standardization — up from 15% last year.
Industry moves this week
Abraham Tachjian stays on as Canada’s open banking lead, plus Laurentian Bank changes leadership By: Katie Keir October 4, 2023 12:59 Katie Keir Each week, Advisor.ca summarizes notable moves across the financial industry. Abraham Tachjian will continue as Canada’s open banking lead until Dec. 22, 2023, an extension of his term that was originally slated to end last month.
The pros and cons of corporate-owned life insurance
Having such a policy in place is often a way to ensure the enterprise will have enough funds to continue operating if the owner dies, while also providing tax-free distributions to the business owner’s estate from the corporation’s capital dividend account (CDA). The CDA tracks tax-free surpluses accumulated within the corporation, and can issue tax-free capital dividends to shareholders.
Fintech group pushes for action on open banking, payments modernization
Staff In an effort to urge the federal government to act on open banking and payments modernization, a group of fintechs has launched a campaign to raise awareness among Canadians. On Wednesday, Fintechs Canada said its Choose More campaign is a response to the significant financial strains that Canadian consumers and businesses are experiencing, such as high banking fees and payments processing costs.
Review of multi-level-marketing MGAs results in enforcement for 65 life agents
Michelle Schriver The Financial Services Regulatory Authority of Ontario (FSRA) has taken enforcement action against 65 life agents contracted with managing general agencies (MGAs) that operate under a tiered-recruitment model. The clampdown, which includes the sale of unsuitable universal life policies, is part of FSRA’s strategy to strengthen oversight of the sector.
CSA to combine disclosure, delivery reforms
As a result, any changes to the disclosure requirements will have to wait until the regulators settle on changes to the disclosure delivery rules. “The CSA anticipates publishing a revised access model for continuous disclosure in due course,” it said.
Investment banking fees hit the skids
Investment bankers generated US$77.8 billion in total fees through the first nine months of 2023, which is the weakest total for this period since 2016, the data showed. Refinitiv also reported that global fees were down by 16% in the third quarter compared to the second quarter — which is also the slowest quarter for investment banking fees since the first quarter of 2016.
Pension solvency improves in Q3 despite negative returns
After a strong first half of 2023, global equity markets delivered moderately negative returns in Q3, and bond returns were generally negative as yields rose. But those conditions led to a “somewhat counterintuitive” strengthening of DB pensions, Mercer said, as higher bond yields decrease pension liabilities.
More evidence U.S. job market remains hot after openings rise unexpectedly in August
Nick Bunker, head of economic research at the Indeed Hiring Lab, noted that most of the August increase in openings came from just one industry: professional and business services. “”Yes, the job market is still retaining a lot of heat,” he said, “but it hasn’t gone back on the boil.” The Federal Reserve wants to see the red-hot U.S. job market cool off, reducing pressure on businesses to raise pay, which can feed into higher prices.
Frequent price increases by businesses contributing to sticky inflation: BoC official
In prepared remarks for his speech, which was delivered primarily in French, Vincent said price increases have been larger than normal and more frequent than before the pandemic — a trend that has persisted. “We believe that this behaviour by firms — both here and abroad — is intimately linked to the stronger-than-expected inflation we’ve seen,” Vincent said.
IA Financial buying U.S. insurance company Vericity for US$170 million
Vericity includes insurance carrier Fidelity Life and direct-to-consumer agency eFinancial By: The Canadian Press October 3, 2023 10:31 The Canadian Press IA Financial Corp. has signed a deal to buy U.S. insurance company Vericity Inc. for US$170 million in a move to grow its business in the United States. Vericity includes Fidelity Life, an insurance carrier, and eFinancial, a direct-to-consumer online and call-centre-based insurance agency. It employs more than 400 people.
EQB signs deal for 75% stake in alternative asset manager ACM Advisors
ACM specializes in pooled Canadian commercial mortgage funds By: The Canadian Press October 3, 2023 10:42 The Canadian Press EQB Inc. has signed a deal to acquire a 75% stake in independent alternative asset manager ACM Advisors Ltd. Financial terms of the cash-and-share agreement were not immediately available. Based in Vancouver, ACM specializes in pooled Canadian commercial mortgage funds. It had $4.8 billion in assets under management as of Sept. 30.
Proposed AMT could discourage large philanthropic gifts
Rudy Mezzetta Tax practitioners say the federal government’s proposed new alternative minimum tax (AMT) regime may discourage philanthropy by punishing people who make large charitable donations. “The fundamental concern about these changes is they treat charitable donations as tax evasion or personal expenditure,” wrote Malcolm Burrows, head of philanthropic advisory services with Scotia Wealth Management, in a Sept. 21 article on All About Estates.
Why invest in clean energy?
“The renewable industry has already seen tremendous growth and we expect this to continue — not because they are clean, or the right thing to do, although both are true — but because they’re the cheapest [source from which] we can generate power right now,” Stein says.
Why invest in clean energy?
“The renewable industry has already seen tremendous growth and we expect this to continue — not because they are clean, or the right thing to do, although both are true — but because they’re the cheapest [source from which] we can generate power right now,” Stein says.
Alberta downplaying pension plan proposal risk, experts say
“This cannot be negotiated in three years, it’s really complicated, and at the end of the day, Canada and Alberta would be worse off,” added Nanji, a former associate deputy minister in Ontario’s Ministry of Finance under Kathleen Wynne’s Liberal government. On Thursday, the province released a report on a proposed Alberta Pension Plan (APP) that estimated Alberta could claim 53%, or $344 billion, of estimated CPP assets as of 2027.
FP Canada's revenue mixed in 2022–23 | Advisor's Edge
In contrast, the certification body earned less from its professional education program and exams because the offerings had lower registrations compared to the prior year, the summary said. Revenue from professional education program fees was $2.0 million, compared with $3.2 million in 2022; exam fees generated $1.6 million, compared with $2.7 million the previous year.
Industry moves this week
IFIC elected board members and some well-known names received promotions By: Katie Keir September 22, 2023 14:43 Katie Keir Each week, Advisor.ca summarizes notable moves across the financial industry. Here are the latest developments. Judy Goldring, president and head of global distribution with AGF Investments Inc., was elected chair of the board of the Investment Funds Institute of Canada for a two-year term.
White House preparing for government shutdown
“We got members working, and hopefully we’ll be able to move forward on Tuesday to pass these bills,” McCarthy, R-Calif., told reporters at the Capitol. McCarthy signaled his preference for avoiding a closure, but a hard-right flank of his House majority has effectively seized control. “I still believe if you shut down you’re in a weaker position,” he said.
Retail sales up 0.3% in July
For July, Statistics Canada says sales at food and beverage retailers gained 1.3% as supermarkets and other grocery retailers, except convenience stores, rose 1.5%, and beer, wine and liquor retailers added 1.3%. Sales at general merchandise retailers rose 1.8%. Meanwhile, sales at motor vehicle and parts dealers fell 1.6%, the first decline in four months, as sales at new car dealers dropped 1.7% and used car dealers lost 3.1%.
The slow work of converting social media followers to clients
McGrath spoke Thursday at the Institute for Advanced Financial Planners’ annual symposium in Edmonton. Joining him on the panel was Robb Engen, a fee-only financial planner with Boomer & Echo in Lethbridge, Alta., and Aravind Sithamparapillai, an associate with Ironwood Wealth Management Group in Fonthill, Ont. All three agreed that advisors don’t need to be on every platform.
Mass retail managers face greater pressure on fund flows: Fitch
While the effects of the increasingly challenging operating environment on AUM are universal, new money flows have varied among firms, it said. Firms with diversified product shelves and a greater focus on institutional clients or stickier high-net worth-clients “are generally benefiting from net inflows,” Fitch said. It added that this is particularly true for managers that offer investment strategies that have been in higher demand, including passive investments and private asset strategies.
Positioning your book for a sale
Many advisors assume that when they’re ready to sell, someone will be eagerly waiting to buy their book, Novachis said. But that won’t necessarily be the case as more sellers enter the market in an aging industry, allowing buyers to be choosier. Books with a defined business and fewer clients will be more appealing — and fetch higher prices — than more complex books that are challenging to integrate into the buyer’s business. “The overall optimization is very important,” Novachis said.
U.S. CEOs' payout targets may be too easy to hit, research suggests
The financial services sector ranked first, with 85% of CEOs hitting their payout targets; the auto sector ranked last, with 57% reaching their targets.
Employment insurance ranks rise: StatsCan
Number of workers collecting jobless benefits jumped 6% in July By: James Langton September 21, 2023 15:16 James Langton Statistics Canada reported further evidence of a possible easing in labour market conditions, with the number of workers collecting employment insurance (EI) benefits rising sharply in July. For the third straight month, the number of EI beneficiaries increased, the national statistical agency reported, with the benefits rolls jumping by 6.0% to 438,000 in July.
CSA proposes WKSI model
The proposal follows consultations on curbing regulatory burdens, and recommendations from Ontario’s Capital Markets Modernization Taskforce, which resulted in the regulators adopting temporary measures in late 2021 to reduce needless offering costs for WKSIs. The CSA’s proposal builds on those temporary exemptions but includes some fundamental changes, such as increasing the required seasoning period (to three years from one) and doing away with the need for a prospectus receipt.
U.S. applications for jobless benefits fall to lowest level in nearly 8 months
Jobless claim applications are seen as representative of the number of layoffs in a given week. The four-week moving average of claims, a less volatile measure, fell by 7,750 to 217,000. Though the Federal Reserve opted to leave its benchmark borrowing rate alone this week, it is well into the second year of its battle to stamp out four-decade high inflation.
Fraud in mortgage, credit card, auto sectors rises amid interest rate hikes
If high rates persist, fraudulent activity could accelerate By: The Canadian Press September 21, 2023 14:13 The Canadian Press New data suggest that an uptick in fraud in the auto, credit card and mortgage sectors is driven by growing financial pressures on consumers and by fraudsters using bold schemes. An Equifax Canada report shows fraud in the automotive sector has surged 28% year over year, while the credit cards saw a jump of 37.9%.
Alberta deserves more than half CPP assets if it exits program: report
Alberta would be the first province to quit CPP; Quebec never joined when it was set up in 1965. Finance Minister Nate Horner said given Alberta’s young workforce and growing economy, the province has no choice but to let residents choose whether to have an Alberta Pension Plan. “We have a responsibility to present these findings to Albertans and gather their feedback. Albertans will make the final decision on where we go from here.
BoE joins Fed in keeping interest rates unchanged after inflation declines
Central banks worldwide appear to be near the end of an aggressive rate-hiking cycle meant to curb an outburst of inflation triggered by the bounceback from the Covid-19 pandemic and Russia’s war in Ukraine. The Fed also left rates unchanged Wednesday. Clearly influencing the U.K. bank’s decision was news Wednesday that inflation unexpectedly fell to 6.7% in August, its lowest level since Russia invaded Ukraine in February 2022.
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