Faculty of Business Administration - University of New Brunswick

A group of investment finance students at the University of New Brunswick have achieved impressive returns on their portfolio of nearly $2 million in spite of the turbulent global financial environment. While stories of bank failures, Ponzi schemes and catastrophic financial losses in the financial markets dominated the news in 2008, student investors in the University of New Brunswick’s Student Investment Fund program significantly outperformed professional money managers during the year.

Students in the program began investing real money in the capital markets in 1998 with the allocation of $1 million from program partner the New Brunswick Investment Management Corporation. By October 2006 the Fund had surpassed $2 million solely from investment returns, by mid-2008 $2.5 million with a subsequent return to roughly $2 million by yearend reflecting global market volatility.

The student-managed fund enjoyed its best results ever in 2008 outperforming many professional asset managers including pension plans and endowment funds. Program director Prof. Glenn Cleland is impressed with the portfolio performance over the ten-year period since its inception. “ This is no coincidence. The students have successfully navigated the markets over a ten-year period.”

“We started up the program investing real money in September 1998 during turbulent times in financial markets stemming from the collapse of Long Term Capital Management. Over the subsequent ten years, student investment decisions were made with the backdrop of the technology bubble, the sub-prime mortgage crisis, US$145 oil prices and the current financial meltdown.”

The students’ abilities extend well beyond their impressive portfolio management skills. The students have a long and distinguished record of success at investment competitions. Last year, a team of students from the program placed first in the Chartered Financial Analyst (CFA) Institute’s North American valuation competition in New York City and, was subsequently ranked second in the world in the Institute’s Global Investment Research competition in May 2008. If there was ever any doubt that SIF students could compete on a global basis it was erased by this achievement.

Nathan Ough, a current student in the Student Investment Fund program, speaks highly of the hands-on investment learning experience. “The record speaks for itself. Over the past ten years students who have been accepted into this demanding program have developed a skillset that is highly sought after by the financial sector. The integration of theory and practice provides a knowledge base which has contributed to our ten years of outperformance.”

The Student Investment Fund was the first student-managed fund in Atlantic Canada, one of a few in Canada, and unique in North America. Its market neutral equity portfolio construction approach combined with an embedded study program for the Chartered Financial Analyst Level I exam making it leading edge.

The SIF is offered through UNB’s Centre for Financial Studies in the faculty of business administration.

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Posted at 4:04 PM

The Faculty of Business Administration's Centre for Financial Studies (CFS) will host Mr. Robert McKim, former CEO of Halifax-based Seamark Asset Management, as its 2008 Executive-in-Residence. 

As the Centre’s Executive-in-Residence, Mr. McKim will deliver three presentations to students, faculty and the public on October 9-10th, 2008.Mr. McKim’s presentation, “How’s Your Appetite for Investment Risk?” will be held on Thursday, October 9th, 2008 at 7:00 p.m. in the Chancellor’s Room at UNB’s Wu Conference Centre. A reception will follow at 8:15 p.m. 

As part of the Centre’s community outreach initiatives, the public is encouraged to attend this very topical presentation.  There is no charge to attend but attendees must register in advance. 

Students and faculty are also invited to attend Mr. McKim’s presentation that afternoon from 3:00 to 4:00 p.m. in the Centre’s TSX Group boardroom, Tilley 300.  McKim will speak about his career and the lessons he has learned along the way.

Mr. McKim will then speak to students in the Student Investment Fund (SIF) program, where students invest real money in the capital markets.  He will also provide insight into the current market situation.

“The purpose of the Centre’s Executive-in-Residence program is to have successful investment professionals speak to the students, as well as the community, about their personal career experiences  as well as the technical side of investment,” says the Centre’s founding director, professor Glenn Cleland.

Cleland views the Executive-in-Residence as a valuable mentorship opportunity for the SIF’s aspiring financial professionals.

Robert McKim’s experience at Seamark Asset Management spanned 20 years during which the firm grew from a small regional investment management firm with three employees, to a mid-sized national firm, listed on the Toronto Stock Exchange (TSX), and employing a staff of 45. At its peak, in 2005, Seamark had assets under management of $10.8 billion.

Mr. McKim joined Seabrook in 1984 as a Portfolio Manager; was appointed President and Chief Operating Officer in 1996 and Chief Executive Officer in 2004. He was a key player in the transaction that took Seamark Asset Management through its initial public offering and listing on the TSX in 2000. Mr. McKim retired from Seamark in 2005.

People interested in attending the public presentation (October 9th, 2008, 7:00 – 9:30 p.m. Wu Centre) should RSVP via e-mail, sboyce@unb.ca, or by calling 506.453.4895 by October 8th.

The Centre for Financial Studies hosted its first Executive-in-Residence, Doug Turnbull, Deputy Chairman of TD Securities Inc., in 2007.

Posted at 10:36 AM

A team of four students from the Faculty of Business Administration’s Student Investment Fund (SIF) won the North American championship at the second annual Global Investment Research Challenge on April 30th in New York City. The University of Houston placed second, while the University of Pittsburgh placed third.

In the competition, students from universities around the world presented and defended their stock recommendations and were judged on their performance by industry experts. Dustin Besaw, Jason Misener, Jack Ma and Brian Bagnell of Fredericton competed on the team, while Nathan Ough and Ian McAvity of Saint John were observers.

During the competition, the student teams were given 10 minutes to pitch their stock recommendations to panel members from companies such as UBS, Neuberger Berman, Strategas Research partners and the Chartered Financial Analyst (CFA) Institute.

In the Global championship on May 1 the SIF team placed second overall behind The University of Hong Kong. Over 80 countries were represented in the competition.

After placing first in the North American round of the Global Research Challenge in New York City, Student Investment Team members visit the Merrill Lynch trading floor. L-R: Glenn Cleland (Director, Centre for Financial Studies and SIF Instructor), Brian Bagnell, Dustin Besaw, Guofeng (Jack) Ma, and Jason Misener.

Posted at 2:39 PM

Glenn Cleland, director of the Faculty of Business Administration’s Centre for Financial Studies received a UNB Distinguished Service Award. This award is given to employees of the University of New Brunswick to recognize outstanding service to the university including teaching, research, administrative contributions, or any combination thereof.

Glen Cleland conceived the idea for the Student Investment Fund while he was an employee with the New Brunswick Investment Management Corporation, then championed the idea to the Faculty of Business Administration and NBIMC. The program was launched in 1998 when NBIMC provided a #1 million pension asset fund to students enrolled in UNB’s BBA and MBA programs to invest. Since then the fund has grown to over $2.2 million.

Glenn joined the Faculty of Business Administration in 2002 as the founding director of the Centre for Financial Studies. Under his leadership, the Centre and its flagship program, the Student Investment Fund, have expanded to gain the attention and respect of academic and financial communicates across the country and internationally.

Click here to read the Dean's Citiation

Posted at 9:18 AM

Continuing to outperform their competitors, UNB’s Student Investment Fund program will represent Atlantic Canada at the 2008 Global Investment Challenge, held for the first time last year in New York City. The team of four SIF students claimed first place at the Atlantic Canada Chartered Financial Analyst (CFA) Society Valuation competition held at Saint Mary’s University on the weekend beating out contenders Acadia, Dalhousie and Saint Mary’s universities.

The Atlantic Canada CFA Society (ACFA) held its first valuation competition at Saint Mary’s University’s Sobey School of Business on November 2 and 3. Teams of students representing participating universities were given 20 minutes each to deliver a convincing argument in favour of buying the stock of a Canadian publicly-traded company. The presentation was followed by ten minutes of grueling questioning by the judges, a group of three senior industry professionals. The students’ skill was further put to the test by the requirement to submit a brief report summarizing the reasons for their recommendation.

In the end, the judges would decide which team presented the most persuasive argument and would represent ACFA at the 2008 Global Investment Challenge.

Fourth year business students Brian Bagnell, Dustin Besaw, and Guofeng (Jack) Ma along with Jason Misener, a second year master of business administration student, formed the UNB team. They came away the winners of the regional investment competition with their persuasive “buy” recommendation on TD Bank Financial Group (TSX:TD). Besides earning the opportunity to challenge for the global title they earned $1,000 in prize money. The team will be awarded $2,000 by the CFA Institute to offset their travel costs to the global competition.

"Given the amount of time and effort everyone contributed to the competition I was very pleased with the results. I look forward to competing at the international competition this spring," said Jason Misener.

Glenn Cleland, SIF professor in the faculty of business administration and the team’s coach, commented that “the SIF team put in countless hours to prepare for the challenge. They went there to win.” Mission accomplished.

According to the judges, it was a split decision with UNB narrowly beating out the Saint Mary’s team. The judges were Moncton’s Marc Lalonde, President, Lalonde Investment Consulting; Tom Robinson PhD CFA, head of educational content for the Charlottesville, Virginia based CFA Institute; and Toronto-based John Smolinski CFA, managing director, portfolio management and research, TD Asset Management.

Cleland remarked that UNB’s win “reflected the level of thoroughness that went into their analysis. They knew their stuff. Our students showed that they know how to value a company based on their comprehensive industry and company analysis.”

“And when they were asked tough questions by the judges the students retained their composure under duress.”

The SIF program and its students continue to break new ground. UNB will be the first Canadian university to compete in the CFA Institute’s Global Investment Challenge. As the winner of the Atlantic CFA Society’s competition, UNB will represent ACFA at the international investment contest.

The inaugural Global Investment Challenge was held in New York City in April 2007. Having won their regional CFA Society’s competition, last year’s contenders were Boston-based Babson College, Stillman School of Business at Seton Hall University in New Jersey, The Chinese University of Hong Kong, and the Jesse H. Jones Graduate School of Management at Rice University in Texas. Babson emerged the victor of the first global competition.

“Consistent with the mission of the CFS, building investment expertise in the Atlantic region, our students continue to make a mark,” Cleland remarks. Last weekend’s victory at the valuation competition marks the fifth business competition won by SIF students in the same number of years ---- three wins at the prestigious, international Redefining Investment Strategy Education symposium in Dayton, Ohio, USA and a first-place outcome at Dalhousie University’s inaugural Credit Risk Competition.

UNB’s Student Investment Fund program is the flagship program of the Centre for Financial Studies in the faculty of business administration. The SIF is a student-managed fund which began with $1 million in 1998 and, through thoughtful decision-making, now surpasses $2 million. The initial funds for students to invest came from SIF program partner, New Brunswick Investment Management Corporation.

Posted at 1:56 PM

The New Brunswick Investment Management Corporation (NBIMC) has made a financial contribution of $140,000, over the next four years, to the University of New Brunswick’s Centre for Financial Studies. This continues NBIMC’s nearly 10-year partnership with UNB Fredericton’s award winning Student Investment Fund (SIF), a student managed fund and flagship program of the faculty of business administration.

“As a founding partner of the centre’s Student Investment Fund in 1998, NBIMC has been the principal beneficiary of investment professionals developed through the program,” said John A. Sinclair, president and chief executive officer of the provincial crown corporation. “The centre also plays a key role in helping us fulfill our mandate of promoting the development of the financial services industry and capital markets in New Brunswick.”

NBIMC supplied the initial $1 million for students in the program to invest with appropriate oversight. The students, under the guidance and supervision of professors in the faculty of business administration, have grown the initial investment to approximately $2.2 million. NBIMC will also continue to provide investment capital and its related oversight, as well as the ongoing support of their team of investment professionals.

Mr. Sinclair made the announcement at the centre’s annual recruitment and investment education forum, futures Atlantic Symposium, which took place Sept. 13 and 14 at UNB Fredericton. futures Atlantic hosted finance and investment students from universities throughout Atlantic Canada and investment industry thought leaders who presented at the event. Financial professionals from the region also attended the professional development component of the symposium.

Glenn Cleland, director of the Centre for Financial Studies and professor in the faculty of business administration at UNBF, is excited about the continuation of a partnership that spans nearly 10 years and is vital to the ongoing sustainability of the Student Investment Fund program and the centre.

Of the graduates of the SIF program, Prof. Cleland estimates that a dozen or so have been recruited by NBIMC. Students in the program also benefit from NBIMC’s access to industry professionals from major financial centres, some of whom have made presentations to the SIF students. The students’ exposure to seasoned industry practitioners adds value to their theoretical learning experience.

Prof. Cleland says that the announcement has the potential to expand the partnership to a new level.

“The futures Atlantic Symposium is the centre’s most energetic venture to date,” he said. “But, in my world, there’s no time to stand still.”

To learn more about the symposium, visit www.futuresatlantic.com
NBIMC has assets under management of over $8.7 billion as of March 2007. The crown corporation was formed in 1996 to operate at arms’ length from government to manage the pension assets of over 45,000 plan members including teachers, judges and public servants.

For more information, contact Mr. Sinclair at (506) 444-5800 or Prof. Cleland at (506) 458-7510.
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Posted at 3:21 PM

The Faculty of Business Administration's Centre for Financial Studies hosted the Futures Atlantic Symposium on September 13 and 14 and rather than purchasing gifts for their speakers, as is the norm for this type of function, the Centre decided to donate the money set aside for gifts to Frontier College, a Canada-wide, volunteer-based literacy organization.

Pictured below is the presentation of the cheque from the Centre for Financial Studies to Frontier College.

From left, Glenn Cleland, founding director of the centre; Susan Boyce, CFS outreach co-ordinator; Deborah Campbell, New Brunswick regional coordinator for Frontier College, and Thor Jensen, a volunteer at the college.

Posted at 9:27 AM

The Student Investment Fund (SIF) at the University of New Brunswick in Fredericton continues to outperform other student-managed funds, both nationally and internationally.

Students in the SIF program took first place at the international Redefining Investment Strategy Education (RISE) global student investment forum in Dayton, Ohio last month.

“It’s no fluke,” said Glenn Cleland, professor in the faculty of business administration. “This is our third win at the prestigious RISE competition. This time we placed first in the undergraduate equity growth category. UNB was the only Canadian university to win in this year’s competition. ”

RISE attracted 1,700 students, faculty and industry professionals representing 218 colleges and universities from 60 countries.

“Attending the RISE forum in Ohio was a great opportunity for me to hear topical insights from experienced Wall Street professionals,” said Ken Fox, fourth-year business student. “Competing with many other student-managed funds from around the world on the basis of our 2006 investment performance figures was quite exciting also.” Mr. Fox, research analyst and portfolio manager for the SIF, has secured an investment banking job with TD Securities in Toronto following graduation.

Speakers and panelists at the investment forum represented the senior ranks of investment firms, industry service providers and regulatory agencies. They included Fidelity Investments, Merrill Lynch, UBS Investment Bank, Morgan Stanley, Reuters, Bloomberg & Morningstar, and the Securities and Exchange Commission.

“One of the features that makes the SIF program unique is the enhanced indexation approach to investing which allows the students flexibility in making investment decisions,” said Prof. Cleland.

Prof. Cleland and Mr. Fox made a stop in Chicago on their way to the RISE competition. They visited the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade and went on the floor of the Chicago Board Options Exchange amidst a flurry of activity. CME became the first publicly traded financial exchange on Dec. 6, 2002. It is the largest and most diverse financial exchange in the world.

The SIF program was created in 1998 through the collaborative efforts of UNB Fredericton’s faculty of business administration and the New Brunswick Investment Management Corp. The corporation entrusted SIF with investment stewardship over $1 million of its pension assets. Students, under the guidance of faculty advisers, have grown the initial investment to over $2 million through thoughtful investment decision-making.

The Student Investment Fund is the core program within UNBF’s Centre for Financial Studies. The centre’s next event is the futures Atlantic Symposium, a financial recruitment and educational forum, being held Sept. 13 and 14. For further information, visit www.futuresatlantic.com .

For more information, contact Susan Boyce at sboyce@unb.ca or (506) 453-4895.

Dr. Bob Froehlich (centre), Chairman, Investor Strategy Committee, Deutsche Asset Management, and Moderator of the R.I.S.E. Global Student Investment Forum, with UNB student investor, Ken Fox, and Prof. Glenn Cleland on stage at the Forum banquet in Dayton, Ohio following the announcement of UNB Student Investment Fund program’s first place ranking in the undergraduate equity growth category.

Posted at 10:57 AM

The University of New Brunswick’s elite Student Investment Fund (SIF) program continues to break new ground.

On Jan. 10, students from the SIF program, along with Frank McKenna, deputy chair of TD Bank Financial, opened the market at the Toronto Stock Exchange (TSX). TSX Group CEO Richard Nesbitt was also present for the occasion.

The students are in Toronto this week as part of an experiential learning component of the SIF program. The integration of theory and practical learning is a key element of the prestigious program.

The Student Investment Fund program is the core program within the Centre for Financial Studies, housed within the faculty of business administration at UNB Fredericton. TSX has given accolades to the SIF program calling it Canada’s leading university undergraduate financial services education program. In 2006, both the TSX Group and TD Bank offered multi-year financial gifts to support the work of the centre and the SIF.

Students in the SIF program manage real money. The current portfolio is at about $2 million, a considerable increase over the $1 million they began with roughly nine years ago.

The SIF program’s financial learning lab, the TSX Group boardroom, is set up to replicate a small investment firm. Sophisticated, leading-edge, industry-standard equipment, such as the Bloomberg professional dual monitor terminal, allow students access to current information to make informed investment decisions. Students work individually and in groups, learning group dynamics and collaborative team-building. Industry professionals also make guest appearances to the boardroom to enhance students’ learning experience by providing practical insight into relevant subjects and issues.

For the past several years, Glenn Cleland, founder of the centre and the SIF program has made the visit to Canada’s financial heartland a staple of the investment students’ learning experience. Over a three-day period the students put miles on their shoes as they trek around downtown Toronto with Prof. Cleland to meet with investment industry leaders from more than 20 firms.

This year’s tour included a visit to Barclays Global Investors Canada Limited. During this visit, the SIF class presented the firm’s president and CEO Rajiv Silgardo with the 2006 Canadian Money Manager of the Year Award. The recipient of this award is determined each year by an in depth analysis of Canadian money managers undertaken by the students.

With many more miles on the soles of their shoes and significantly greater insight into the investment industry, the students conclude their aggressive road trip on Jan. 12.

“If you can survive this pace for five days, you may have a chance at succeeding in many areas of the investment business,” said Prof. Cleland to his students. “If you can do it for seven days a week you may be able to keep up with the investment bankers.”

For more information, contact Susan Boyce at sboyce@unb.ca or 453-4895.

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Posted at 4:16 PM

The University of New Brunswick’s Student Investment Fund (SIF) is continuing to set records. On Oct. 25, the fund topped $2 million, doubling what it started with eight years ago.

The SIF program was launched in 1998 with a $1-million contribution from the New Brunswick Investment Management Corp. This money allows students in the program to experience real investing, in real-time, in the capital markets.

The fund’s growth is due exclusively to investment performance. No new funding has been acquired.

“The student investment success showcases the high-quality students who are accepted into this rigorous experiential learning program,” said Glenn Cleland, program founder and director of UNBF’s Centre for Financial Studies. “The students are responsible for adding value to the portfolio.”

This financial milestone is the most recent in a series of successes the prestigious program has achieved. In 2003, UNB became the first Canadian university to win an investment category and placed second overall in the Redefining Investment Strategy Education (RISE) symposium, a global competition for student-managed funds. The following year, UNBF, with a new cohort of SIF students, continued to outperform much larger schools with another first-place ranking in the hybrid investment category at RISE.

Prof. Cleland says that another performance measure of the program’s achievements is the pass rate on the industry standard Chartered Financial Analyst Level One exam.

“The SIF program separates itself from most other North American student-managed funds in that it has an embedded study program for the CFA exam,” he added.

SIF students have consistently outperformed global average pass rates on the uniform exam. They excelled at the June 2006 Level One exam recording a 78 per cent pass rate compared to a global success rate of 40 per cent.

Feiber Omana, a 2006 graduate of the business administration program, is the first SIF student and faculty of business administration alumnus to be accepted into Harvard Business School. His deferred admission to Harvard until 2008 will allow him to gain meaningful business experience as an analyst with the investment firm Peters & Co. Ltd. in Calgary, Alta.

He credits the SIF program with getting him started.

“Through my participation in the SIF, I was able to gain valuable skills, knowledge and experience that are the building blocks for a successful career in finance,” said Mr. Omana.

The SIF program’s financial learning lab, the TSX Group boardroom, is set up to replicate a small investment firm. Sophisticated, leading-edge, industry-standard equipment, such as the Bloomberg professional dual monitor terminal, allow students access to current information to make informed investment decisions. Students work individually and in groups, learning group dynamics and collaborative team-building.

For more information on the SIF program, contact Glenn Cleland at 506-458-7510 or Susan Boyce at 506-453-4895.

Posted at 3:07 PM

Despite overwhelming odds, UNB Student Investment Fund (SIF) Students outperform CFA Level 1 industry standard pass rates.

The CFA Level 1 exam results were out last week and seven out of nine of the students from UNB’s award winning Student Investment Fund (SIF) Program in the Faculty of Business Administration passed. This 78% pass rate far exceeded the industry average of 40%.

The six-hour Chartered Financial Analyst (CFA) exam is held every year the first week of June. According to the August Canadian Business Magazine, more than one hundred thousand people around the world are enrolled in one of the three levels of the CFA program this year, a graduate-level, self-study course on investing. There are roughly 69,000 CFA charter holders, in 120 nations and territories. About half of the world’s CFAs hold positions at institutional investment firms, mutual fund firms, banks, insurance companies, pension fund companies, and investment houses or foundations. It’s a difficult exam and usually only a third of candidates pass the first of the three levels that must be completed to attain the CFA charter.

Nine students from the SIF program sat for the six hour exam. Only fourth year BBA or second year MBA students with specific pre-requisites are admitted into the SIF program. Not only do students get to invest close to $2 million dollars of real money in the capital markets, but they also prepare for the CFA level 1 exam. “The attitude is that if the students pass the Level 1 of the CFA, this will separate them from other graduates when they apply for jobs in the investment industry” according to Glenn Cleland, CFA and Director of the Centre for Financial Studies and advisor to the SIF students.

“Ultimately, for every five people who start the process, only one makes it through to receive the designation”, says Jeff Diermeier, CFA, and president of the CFA Institute. Candidates must not only successfully complete the three levels of the exam but have four years of industry experience with more than 50% of their time spent in investment decision-making. With the globalization of the markets, the CFA is becoming the global passport to an investments career.

The seven SIF students who passed the level one exam this year are: Michael Chang Kit,
Carlos Jabbour, Gibran Hameed, Jason Hoyt, Dan Picard, Xiaochun Gu , and Fei Liu

Since the inception of the SIF program, 57% of the students who have written the CFA level 1 exam have passed, versus 45% for the industry average.

Posted at 9:57 AM

The world’s central banks, investment institutions, commercial banks, government offices, corporations and news organizations use it.

With the recent acquisition of the Bloomberg Professional terminal, students taking courses through the University of New Brunswick in Fredericton’s faculty of business administration’s Centre for Financial Studies (CFS) will also benefit from using the world leader in financial information systems.

UNBF is the first university in the Atlantic Canada to acquire the company’s most sophisticated financial database.
Professor Glenn Cleland, the CFS director, joined a group of students from the Student Investment Fund (SIF) program in the TSX Group Boardroom to preview the functionality of the world’s premiere financial database.
The SIF program allows students to invest real money in the capital markets. Founded in 1998 by a partnership between the faculty of business administration and the New Brunswick Investment Management Corporation (NBIMC) - which sponsored the initial $1-million investment - students have grown the fund to approximately $2 million through stock selection. NBIMC has allowed SIF students access to one of their several Bloomberg terminals to conduct research.

Prof. Cleland relishes the opportunity to have his students Bloomberg Equity certified as evidence of their competence on one of the many facets of the system. “Without question, Bloomberg certification enhances investment students’ career preparedness,” he said. “The Student Investment Fund program is all about complementing theory with practical application. In addition to their already rigorous program requirements, SIF students will be required to complete 18 modules over two academic terms to obtain Bloomberg Equity certification.”

The tools the students use throughout the program prepare them well to take on the challenges of the knowledge-intensive industry.

“SIF students are known to be job ready,” said Prof. Cleland. “Our latest acquisition ensures that we offer an unparalleled opportunity within a university setting to learn the definitive tool for the investment industry.”
Pete Syroid is a former SIF student whose career path has led him to his current position as an oil and gas portfolio manager at NBIMC.

“Bloomberg is the staple for the investment industry,” he said. “In the industry, it is not a question of if, but when, you will use it.”

The opportunity to become Bloomberg certified as part of the SIF’s experiential learning investment program offers participating students and employers who hire them, considerable advantages. Students are equipped with the skills they need to be employable. Employers have to spend less to train new entrants on the quintessential tool in the investment industry.

The Bloomberg terminal is about more than just data. An intrinsic feature of the Bloomberg Professional service is its analytic ability, helping users understand the markets by means of real-time tools. The Bloomberg Professional is the most comprehensive, timely and accurate financial database available. It integrates data, news, analytics, multimedia reports and e-mail onto a single platform used by market professionals around the world.
Prof. Cleland lauded UNB’s Forging Our Futures fundraising campaign which provided the financial support to the CFS to make the Bloomberg purchase a reality.

“Without the generosity of RBC Foundation, Phillips Hager and North Investment Management and the TSX Group, there would be no Bloomberg,” he said. “Their commitment to first-class investment education has positioned the Student Investment Fund program to make this giant leap forward with the expectation of continued advancements in financial research as a result.”

The next initiative developed by the Centre for Financial Studies is the futures Atlantic Symposium which is being held Sept. 14 to 15 at UNBF. The centre has partnered with TD Securities and the Montreal Exchange bringing together business students from universities in the Atlantic region for recruitment opportunities in the national financial industry, keynote presentations and financial education, and financial services exhibit booths.

Posted at 1:59 PM

TSX Group Inc., the operator of Canada’s two national stock exchanges, made a $100,000 donation to UNB’s Forging Our Futures campaign today. The gift will support the University of New Brunswick’s award-winning Centre for Financial Studies, one of the country’s leading programs in post-secondary financial services education.
“The Centre for Financial Studies is a unique program in North America,” said John McLaughlin, UNB president and vice-chancellor. “This gift from TSX Group recognizes UNB’s leading role in financial education. I thank TSX Group for their generosity and salute the centre’s students and faculty for their efforts at making the program the best of its kind anywhere.”
The Centre for Financial Studies, housed within UNB Fredericton’s faculty of business administration, promotes excellence in financial education and addresses the employment needs of the evolving investment industry through the prestigious and award-winning Student Investment Fund (SIF) program. Unique among Canadian universities, the SIF program combines an opportunity for undergraduate and graduate students to invest real money in capital markets while they undertake a study course for the industry standard Chartered Financial Analyst (CFA) Level One exam. The TSX gift will be used to equip the SIF boardroom with sophisticated financial industry software and to continue to develop relevant leading-edge investment education programs.
“As a national institution, TSX Group supports post-secondary institutions right across Canada,” said Richard Nesbitt, CEO of TSX Group. “We look forward to working with the Centre for Financial Studies at the University of New Brunswick as part of our expanding capital markets donations program. We have been impressed with their growing reputation as a highly ranked business school and their innovative Student Investment Fund that prepares students for careers in an expanding financial services industry.”
Since inception of the SIF program in 1998, student fund managers have doubled the initial pension fund assets of $1 million to almost $2 million. The Student Investment Fund program was allocated $1 million of real pension assets by the New Brunswick Investment Management Corporation to invest in capital markets.
Graduates of the prestigious program are well placed in investment firms throughout the world. More than 60 SIF graduates have written the CFA Level One exam, continuing to outperform their peers.
“I am excited about the financial support and this expanding partnership between the Centre for Financial Studies and the TSX Group,” said Glenn Cleland, director of the Centre for Financial Studies. “To be partnered with Canada’s premier stock exchange operator is an affirmation of the centre’s success and its potential.”
TSX Group operates Canada’s two national stock exchanges: the Toronto Stock Exchange, serving the senior equity market; and the TSX Venture Exchange, serving the public venture equity market, as well as Natural Gas Exchange (NGX), a leading North American exchange for the trading and clearing of natural gas and electricity contracts. TSX are the initials attached to the core equity operations of TSX Group (www.tsx.com): Toronto Stock Exchange, TSX Venture Exchange, TSX Markets, TSX Datalinx, TSX Technologies. TSX Group is headquartered in Toronto and maintains offices in Montreal, Winnipeg, Calgary and Vancouver.

Posted at 3:11 PM

Phillips, Hager & North Investment Management Ltd., one Canada’s most well-respected investment firms is making a contribution of $100,000 to the University of New Brunswick in support of the Centre for Financial Studies, as part of UNB’s Forging Our Futures campaign. The donation will directly benefit UNB’s award-winning Student Investment Fund (SIF), which provides business students with real investment experience in Canada’s growing financial services industry.

Two-thirds of the Phillips, Hager & North donation will go to support the development of the Centre through the purchase of new software, an expansion of existing facilities and support for faculty. The investment will help position the Centre as it looks to establish a new master of finance program in the next few years. The remaining one-third will be invested in a Phillips, Hager & North Investment Management Scholarship, which will award two $2,500 scholarships to undergraduate students in the Faculty of Business Administration.

More than 60 SIF graduates have written the CFA Level One exam. Their 54 per cent pass rate is well above the average industry success rate of 46 per cent over the 1999-2005 period.

Established in 1964, Phillips, Hager & North Investment Management Ltd. is one of Canada's largest independent investment managers. The firm manages over $55 billion in assets on behalf of corporate and multi-employer pension plans, non-profit organizations and individuals across Canada.

Posted at 1:57 PM

The RBC Foundation is giving $350,000 to the Centre for Financial Studies (CFS) at the University of New Brunswick in Fredericton. The gift will secure the future of the Centre’s award-winning Student Investment Fund (SIF) program which gives UNB business students real investment experience in Canada’s growing financial services industry.

Begun in September 1998, the SIF combines a student-managed investment program with a study course for the industry standard Chartered Financial Analyst Level One examination. With seed money from the New Brunswick Investment Management Corporation, the Faculty of Administration students in the SIF program have grown pension fund assets from $1 million to approximately $1.6 million.

The donation will help consolidate the SIF program by adding new software, expanding existing facilities and supporting faculty. It will give the Centre a secure base from which to establish a new Master of Finance program in the next few years.

In 2003 and 2004, SIF students placed first in their category at the annual Redefining Investment Strategy Education Symposium and Competition in Dayton, Ohio. Over 100 schools from four countries participated in the prestigious competition, which is sponsored by the New York Stock Exchange and the Wall Street Journal.

Posted at 2:02 PM