Media Advisory – IFIC Operations Day – May 11, 2021 (Virtual Event) The Investment Funds Institute of Canada Toronto, Ontario, CANADA
TORONTO, April 29, 2021 (GLOBE NEWSWIRE) The Investment Funds Institute of Canada (IFIC) today announced the final agenda and speaker lineup for its Operations Day, which will be held on May 11. As the global pandemic stretches into a second year, the half-day event will bring together industry leaders to discuss the operational trends, issues, and opportunities that affect the investment funds industry today.
Panel topics and speakers include:
CEO Panel
Marc Cevey, CEO, HSBC Global Asset Management (Canada)
Jason MacKay, Head of Wealth Management Intermediaries, Canada, Invesco
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A subsidiary of global bank HSBC has agreed to pay more than $1 million to settle allegations it forced clients to redeem company-branded mutual fund units when it stopped doing business with dozens of independent dealers, potentially harming the clients through losses and tax consequences.
According to the settlement agreement reached Wednesday betweenHSBC Global Asset Management (Canada) Ltd. and the British Columbia Securities Commission, the market value of the required redemptions was about $21.9 million and more than 1,000 client accounts were affected.
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Source: Invesco 2021 Investment Outlook
Even as the first vaccine doses have started to hit arms, there’s still expected to be strong social dislocation throughout this year, as particularly pandemic-affected sectors such as service and travel struggle to recover.
“Some parts of the economy are suffering more from the pandemic the service industry is one, but also areas such as women in the workplace,” says Cevey. “Today, it’s probably fair to say the marketplace and governments are not really emphasizing and focusing on those trends because the broad expectation is the world can go back to 90 to 95 per cent normal post-COVID, but that may be wishful thinking. At the end of the day, things may get better in 2021, but it’s fair to say a significant portion of the economy may not get back to the same level of employment that was previously the case.”