GWL sells subsidiary to Mackenzie, beats Q2 earnings expectations

first_img Share this article and your comments with peers on social media Handshake of businessmen - success, congratulation, greeting & business partner concepts 123RF Canaccord reports record revenues, drops proposal to acquire RF Capital Keywords Mergers and acquisitions,  EarningsCompanies Canada Life, Great-West Lifeco Inc., Mackenzie Financial Corp. Canadian PressMichelle Schriver That will result in Winnipeg-based GWL receiving net cash of $145 million if the deal receives regulatory approval and closes as expected in the fourth quarter.Canada Life said the fund management company it’s establishing, Canada Life Investment Management Ltd., which is expected to commence operations in the fourth quarter, will assume fund management responsibilities for the investment funds in 2021.In a separate release, Mackenzie said the addition of $36 billion in assets under management through the deal increases its total to $172 billion, making it one of Canada’s largest asset managers.Paul Mahon, CEO of Great-West Lifeco, said the transaction supports Canada Life’s strategy to strengthen and grow its Canadian wealth management business.“It leverages an already established and strong working relationship between our companies,” he said in a statement.“By working together, we will have access to Mackenzie’s at-scale investment management capability, while retaining control of our overall Canadian wealth management strategy, including our product shelf and solutions for our customers.”In an emailed statement, Barry McInerney, president and CEO of Mackenzie Investments, said the transaction made sense “because it’s consistent with Mackenzie’s objective of solidifying our position as a leading Canadian asset management firm and increases our access to growing markets such as the group retirement space.”Further, being part of the same corporate family will be helpful, he said. GWL and Mackenzie’s parent company, IGM, are both subsidiaries of Power Corp.“There is an existing familiarity and shared culture between our two organizations that have and will make this transaction a success for our people and clients,” McInerney said.Power Corp.’s division Power Financial owns 66.9% of GWL and 62.1% of IGM Financial, and the two subsidiaries own small interests in each other.Great-West Lifeco beats earnings expectationsAfter announcing the sale, GWL released its earnings for the second quarter, which showed a roughly 88% increase over a year ago.Net earnings attributable to common shareholders were $863 million, or $0.93 per common share (EPS), for the second quarter of 2020 compared to $459 million, or $0.49 per common share, for the same quarter last year.The increase was mostly due to favourable contributions from insurance contract liability basis changes and equity market recoveries in-quarter, the report to shareholders said.Base earnings were up 13% in the quarter annualized, reaching $706 million or $0.76 per common share, compared to $627 million or $0.67 per common share a year ago.The increase in base earnings was primarily driven by business growth in the capital and risk solutions segment and strong investment experience, the report to shareholders said.GWL beat analyst expectations, which predicted net earnings of $0.72 per share and base earnings of $0.60 per share.In a release, Mahon said the “strong” quarterly results reflected a “resilient business model, robust balance sheet, effective risk framework and high-quality investment portfolio.”Further, “we’ve moved key strategic initiatives forward, including digital technology investments, and mergers and acquisitions such as the sale of GLC Asset Management and addition of Personal Capital,” he said. “[GWL] remains well-positioned to drive business growth through differentiation and capital deployment.” Great-West Lifeco Inc. (GWL) is selling its Canadian subsidiary GLC Asset Management Group Ltd. to Mackenzie Financial Corp., a subsidiary of IGM Financial Inc., for $175 million in cash.As part of the deal, GWL subsidiary The Canada Life Assurance Company will acquire fund management contracts relating to the private label Quadrus Group of Funds and other Canada Life branded investment funds from Mackenzie for $30 million in cash. Related news Laurentian Bank reports $53.1M profit in Q2, beats expectations Canadian banks to focus on growth, spending and buybacks after strong second quarter Facebook LinkedIn Twitterlast_img read more

Contribution to the 2013/2014 Sectoral Debate by Minister, the Hon. Wykeham McNeill

first_imgRelatedContribution to the Annual Sectoral Debate by State Minister, the Hon. Richard Azan Advertisements Related2013/2014 Sectoral Debate: Minister of Labour and Social Security, the Hon. Derrick Kellier RelatedContribution to the Annual Sectoral Debate by the Hon. Noel Arscott, M.P.center_img FacebookTwitterWhatsAppEmail Mr. Speaker, I am extremely pleased to rise to make my contribution to the Sectoral Debate, and I would like to thank the Most Honourable Prime Minister for affording me the opportunity to serve in the capacity of Minister of Tourism and Entertainment.Congratulations to the Speaker, Clerk and the committed staff of the House for the good job you have been doing.I also wish to acknowledge and thank my immediate family, my wife Sheila, our two children, my mother and my extended family for their unwavering support over the years that I have executed my duties.I extend special thanks to my constituents in Western Westmoreland, Mayor Bertel Moore, the Councillors and my management team. Mr. Speaker, without their support, I would not have had the privilege of addressing this Honourable House in this capacity.[Watch the presentation JIS LIVE Web Stream]And most of all, I thank God for blessing me with health and strength.Mr. Speaker, as our nation seeks to navigate through this global economic storm, I believe that this is a very crucial time for the tourism sector as we seek to lay a firm foundation for the sustainable development of our country.I am pleased to inform this Honourable House and all Jamaicans that, despite the many challenges facing our tourism sector, it continues to perform well, due largely to the support of our committed tourism partners and the diligent efforts of the outstanding team I have the pleasure of leading.Mr. Speaker, I wish to express my sincere appreciation to my Minister of State and the entire team at the Ministry and its agencies led by the Permanent Secretary.I also want to commend the chairpersons of the boards of the respective agencies within the Ministry, and their hardworking board members. Mr. Speaker I want to also acknowledge the Chairmen of the six Resort Boards.I want to specially thank the President of the Jamaica Hotel and Tourist Association, Mrs. Evelyn Smith and her Executive for the cooperation and support that they have provided over the last year.They have been an integral part of the process of leading a sector that is so important to us all.This has been demonstrated on a number of occasions Mr. Speaker:The pivotal role they played during the budget debate discussions on the industry taxes last year.Their participation in the ongoing initiatives to strengthen the linkages between tourism and other sectors.Their contribution to the ongoing initiatives to implement worker benefits.Their input in the planned implementation of an energy efficiency programme within small hotels; among a number of other ventures.Mr. Speaker, I believe the JHTA has found the perfect balance between sector advocacy and looking out for the national interest and I have to commend them.I look forward to continuing to work with all our tourism partners, working together for the good of our nation…READ MOREDownload Contribution to the 2013/2014 Sectoral Debate by Minister, the Hon. Wykeham McNeill Contribution to the 2013/2014 Sectoral Debate by Minister, the Hon. Wykeham McNeill ParliamentJuly 2, 2013last_img read more

Scholarships offered by the Romanian State to foreign citizens through the MFA

first_img +1 April 6, 2021 Published by Bojana NEW EUROPE COLLEGE FELLOWSHIPS Share 0 Tweet Similar Stories Pocket New Europe College (NEC) Fellowship Program 2021-2022 for Postdoctoral Scholars LinkedIn 0 Scholarships offered by the Romanian State to foreign citizens through the MFA Watson Semester Accelerator 2021 → Reddit ← Regional Youth Peace Lab 2021 Danubius Young Scientist Award for Young Scientists Deadline: 30 April 2021Open to: foreign citizens from all non-EU countriesBenefits: tuition fees, accommodation expenses and monthly financial aidDescriptionThe scholarship program offered by the Romanian state, through the Ministry of Foreign Affairs, to foreign citizens, based on G.D. 288/1993, for the academic year 2021 – 2022, was launched. The scholarships are offered to foreign citizens who come from countries that are not members of the European Union, for bachelor, master and doctorate.Scholarships for studies to accredited higher education institutions in Romania are granted through a file-based application assessment by the Ministry of Foreign Affairs (MFA) and the Ministry of Education and Research (MER).EligibilityForeign citizens from all non-EU countries, with the following exceptions of persons not eligible under this programme:citizens of Romanian origin or who are part of the Romanian historical communities in the proximity of Romania (entitled to different scholarship programmes)citizens who have requested or acquired a form of protection in Romania;stateless persons whose stay on the territory of Romania is officially recognized according to the law;members of the diplomatic and consular corps or family members of the diplomatic and consular corps accredited to Romania; members of the administrative and technical staff of diplomatic missions and consular offices accredited to Romania;staff members of international organizations based in Romania or family members of staff of international organizations based in Romania;beneficiaries of a scholarship from the Romanian state for the same cycle of study.BenefitsThe scholarship obtained, including the preparatory year where applicable, consists of:financing tuition fees;financing the accommodation expenses in the dormitories, through the budget of the Ministry of Education and Research, within the limit of the subsidy allocated for this purpose (accommodation will be provided to the extent of available places);granting a monthly financial aid, as follows: the equivalent in lei of the amount of EUr 65,00, for undergraduate students; the equivalent in lei of the amount of EUR 75,00, for master and specialization students, the equivalent in lei of the amount of EUR  85,00, for PhD students.The scholarships do not cover the costs of international transport and those of domestic transport from the Romanian border crossing point to the university. In this regard, candidates must be prepared for the personal financial support of the additional costs.How to apply?The application files must be sent by the candidates, in electronic or physical format (preferably in electronic format), only through the diplomatic missions of Romania.For more information, please visit the official website.last_img read more