GWO is making a major investment in US wealth management:
Canadian insurer Great-West Lifeco Inc. is boosting its presence in the United States and broadening its retail wealth management with the US$1-billion purchase of Personal Capital Corp.
On Monday, Great-West’s subsidiary Empower Retirement agreed to acquire Personal Capital for an initial US$825-million, with the potential to add up to US$175-million if certain growth metrics are met. The upfront payment is expected to be funded with cash on hand and $500-million in debt financing.
Based in Denver, Empower Retirement administers US$656-billion in assets for more than 9.7 million investors enrolled in defined contribution pension plans. Upon closing the deal, Empower will combine its retirement services, which include 401(k) group benefit plans, with Personal Capital’s online financial planning capabilities to expand into the U.S. retail wealth management sector.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0316 % | 1,444.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0316 % | 2,650.7 |
| Floater | 5.43 % | 5.74 % | 49,597 | 14.29 | 4 | -0.0316 % | 1,527.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1090 % | 3,448.6 |
| SplitShare | 4.87 % | 5.02 % | 70,079 | 3.81 | 7 | 0.1090 % | 4,118.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1090 % | 3,213.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.5342 % | 2,988.8 |
| Perpetual-Discount | 5.65 % | 5.76 % | 77,147 | 14.29 | 35 | 1.5342 % | 3,205.8 |
| FixedReset Disc | 6.29 % | 5.12 % | 145,573 | 14.94 | 83 | 0.1021 % | 1,820.2 |
| Deemed-Retractible | 5.35 % | 5.55 % | 93,980 | 14.34 | 27 | 0.3291 % | 3,202.6 |
| FloatingReset | 5.15 % | 5.11 % | 43,383 | 15.31 | 3 | -0.5084 % | 1,720.4 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1021 % | 2,517.3 |
| FixedReset Bank Non | 1.98 % | 3.43 % | 128,830 | 1.55 | 2 | -0.0205 % | 2,786.2 |
| FixedReset Ins Non | 6.58 % | 5.27 % | 116,348 | 14.69 | 22 | 0.0090 % | 1,820.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| POW.PR.G | Perpetual-Discount | -27.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 8.09 % |
| IFC.PR.A | FixedReset Ins Non | -3.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 10.53 Evaluated at bid price : 10.53 Bid-YTW : 5.50 % |
| NA.PR.G | FixedReset Disc | -3.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 5.20 % |
| SLF.PR.H | FixedReset Ins Non | -2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 11.70 Evaluated at bid price : 11.70 Bid-YTW : 5.51 % |
| BAM.PF.A | FixedReset Disc | -2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 15.07 Evaluated at bid price : 15.07 Bid-YTW : 6.06 % |
| BMO.PR.Y | FixedReset Disc | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.03 % |
| TD.PF.L | FixedReset Disc | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 4.93 % |
| PWF.PR.P | FixedReset Disc | -1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 9.15 Evaluated at bid price : 9.15 Bid-YTW : 5.53 % |
| BAM.PR.R | FixedReset Disc | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 11.25 Evaluated at bid price : 11.25 Bid-YTW : 6.02 % |
| BAM.PR.T | FixedReset Disc | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 11.36 Evaluated at bid price : 11.36 Bid-YTW : 6.16 % |
| TD.PF.A | FixedReset Disc | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 14.76 Evaluated at bid price : 14.76 Bid-YTW : 4.96 % |
| TRP.PR.F | FloatingReset | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 9.51 Evaluated at bid price : 9.51 Bid-YTW : 5.62 % |
| MFC.PR.F | FixedReset Ins Non | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 8.99 Evaluated at bid price : 8.99 Bid-YTW : 5.04 % |
| GWO.PR.L | Deemed-Retractible | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.91 % |
| MFC.PR.K | FixedReset Ins Non | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 14.16 Evaluated at bid price : 14.16 Bid-YTW : 5.20 % |
| BMO.PR.F | FixedReset Disc | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.01 % |
| MFC.PR.L | FixedReset Ins Non | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 5.33 % |
| BAM.PF.B | FixedReset Disc | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 6.14 % |
| TD.PF.D | FixedReset Disc | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 5.03 % |
| BAM.PR.M | Perpetual-Discount | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 20.78 Evaluated at bid price : 20.78 Bid-YTW : 5.75 % |
| BMO.PR.W | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 14.65 Evaluated at bid price : 14.65 Bid-YTW : 5.01 % |
| CM.PR.T | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.11 % |
| GWO.PR.S | Deemed-Retractible | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 22.77 Evaluated at bid price : 23.18 Bid-YTW : 5.68 % |
| NA.PR.C | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.02 % |
| ELF.PR.G | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 21.26 Evaluated at bid price : 21.26 Bid-YTW : 5.61 % |
| MFC.PR.C | Deemed-Retractible | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.37 % |
| BIP.PR.A | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 14.59 Evaluated at bid price : 14.59 Bid-YTW : 6.79 % |
| CIU.PR.A | Perpetual-Discount | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.48 % |
| CM.PR.Q | FixedReset Disc | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 5.34 % |
| BIP.PR.D | FixedReset Disc | 1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.11 % |
| GWO.PR.P | Deemed-Retractible | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 23.22 Evaluated at bid price : 23.52 Bid-YTW : 5.76 % |
| MFC.PR.R | FixedReset Ins Non | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 20.92 Evaluated at bid price : 20.92 Bid-YTW : 5.13 % |
| BIP.PR.C | FixedReset Disc | 2.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 22.45 Evaluated at bid price : 22.90 Bid-YTW : 5.86 % |
| TRP.PR.D | FixedReset Disc | 2.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 5.93 % |
| GWO.PR.R | Deemed-Retractible | 2.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 5.69 % |
| CCS.PR.C | Deemed-Retractible | 4.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 22.32 Evaluated at bid price : 22.59 Bid-YTW : 5.55 % |
| MFC.PR.I | FixedReset Ins Non | 4.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 5.26 % |
| TD.PF.E | FixedReset Disc | 14.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 5.05 % |
| BAM.PF.D | Perpetual-Discount | 27.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 21.66 Evaluated at bid price : 21.66 Bid-YTW : 5.69 % |
| CU.PR.G | Perpetual-Discount | 35.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 21.66 Evaluated at bid price : 21.66 Bid-YTW : 5.25 % |
| CU.PR.F | Perpetual-Discount | 52.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 21.65 Evaluated at bid price : 21.65 Bid-YTW : 5.26 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.L | FixedReset Disc | 181,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 4.93 % |
| NA.PR.W | FixedReset Disc | 103,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 5.03 % |
| BAM.PF.F | FixedReset Disc | 98,556 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 5.92 % |
| RY.PR.Q | FixedReset Disc | 82,719 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 23.68 Evaluated at bid price : 24.23 Bid-YTW : 5.12 % |
| TD.PF.H | FixedReset Disc | 49,473 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 22.56 Evaluated at bid price : 23.00 Bid-YTW : 4.97 % |
| IFC.PR.F | Deemed-Retractible | 41,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-29 Maturity Price : 22.87 Evaluated at bid price : 23.20 Bid-YTW : 5.73 % |
| There were 14 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| POW.PR.G | Perpetual-Discount | Quote: 17.40 – 23.92 Spot Rate : 6.5200 Average : 3.4512 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 10.53 – 11.60 Spot Rate : 1.0700 Average : 0.6553 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 13.30 – 15.31 Spot Rate : 2.0100 Average : 1.6067 YTW SCENARIO |
| PWF.PR.P | FixedReset Disc | Quote: 9.15 – 10.20 Spot Rate : 1.0500 Average : 0.7293 YTW SCENARIO |
| TD.PF.I | FixedReset Disc | Quote: 18.25 – 18.95 Spot Rate : 0.7000 Average : 0.4640 YTW SCENARIO |
| TD.PF.L | FixedReset Disc | Quote: 20.52 – 21.30 Spot Rate : 0.7800 Average : 0.5643 YTW SCENARIO |