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JPMorgan Names New Leaders in North America Investment Banking – BNN

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(Bloomberg) — JPMorgan Chase & Co. filled investment-banking roles that had been vacant and promoted two veteran managers to its executive committee of global chairs.

Charlie Bouckaert and Mark Marengo were named co-heads of North America diversified industries, reporting to the region’s investment-banking head, Fernando Rivas, according to an internal memo Friday. They replace James Roddy, who moved to JPMorgan’s commercial-banking unit in December to become global head of corporate-client banking and specialized industries.

The bank appointed Peter Engel and Erik Oken global chairs of investment banking, joining the executive committee to focus on courting top clients and mentoring younger bankers, according to a separate memo. That group, led by Carlos Hernandez, was created last year in a sweeping overhaul that also elevated a new generation of dealmakers to day-to-day management roles.

Engel has been at JPMorgan for more than 30 years, most recently as head of investment banking for the western U.S. after having helped expand the New York-based firm’s banking practice in that region. Oken joined JPMorgan in 1991, and most recently was global head of consumer retail investment banking.

Oken and Engel “have a rich history with the firm and our clients and colleagues will benefit greatly from their networks, strategic insights and market expertise,” Hernandez wrote in one of the memos.

In another move, Dana Weinstein was named head of a new coverage area — North America consumer, retail and business services investment banking — to replace Oken, according to a third memo. Weinstein was previously head of business services within the diversified industries investment-banking operation in North America. She’s been at JPMorgan for five years and has been an investment banker for more than 25 years, according to the memo.

“We are fortunate to have such strong senior talent and the ability to provide expanded leadership opportunities across groups,” Rivas wrote in one of the memos.

©2021 Bloomberg L.P.

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Which Is a Better Investment Account: TFSA versus RRSP? – Yahoo Finance UK

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IMAGE OF A NOTEBOOK WITH TFSA WRITTEN ON IT

Are you considering investing and searching for the top stocks to buy? Before doing so, you should know that whatever money you earn from investing entails a tax. You get a T5 slip which gives you a summary of your investment income. The Canada Revenue Agency (CRA) encourages Canadians to save money by offering many registered savings accounts with tax benefits. Two popular accounts are Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs).

TFSA versus RRSP

The purpose of TFSA and RRSP is different, and the CRA designed them accordingly. If you use them optimally, you can make the most of them.

The TFSA, as the name suggests, encourages a savings culture. Hence, it levies a tax on your contribution but allows your investment to grow tax-free. Moreover, you can withdraw partial or complete amounts anytime without adding them to your taxable income.

As there is a tax benefit involved, there is a cap on how much you can invest. For 2021, the contribution limit is $6,000, which you can carry forward next year. If you were over 18 years of age in 2009, when the TFSA started, you can invest a lump sum of $75,500, the accumulated contribution of all these years.

The RRSP is the exact opposite of the TFSA. The RRSP promotes retirement savings, which require you to stay invested till you retire. For that, the CRA deducts the RRSP contribution from your taxable income but adds the withdrawals to your taxable income. And if you withdraw before age 71, it deducts an additional withholding tax of 10%-30%.

Similar to the TFSA, the RRSP also has a contribution limit, which is 18% of your income or a maximum amount the CRA decides. For 2020, the maximum amount is $27,230, which you can carry forward next year.

In both the accounts, over contribution brings a 1% tax. The TFSA and RRSP combined allow you to invest $33,000/year in a tax-efficient manner. You can also check out other registered accounts for more tax-efficient investing.

Maximize returns and tax savings using the TFSA and RRSP

Now that you understand the mechanics of the TFSA and the RRSP, you can maximize your returns and minimize your tax bill. You should look at three aspects when choosing the savings account:

  • Will the security you are investing in yield high returns?

  • What is your tax bill for the year?

  • How much can you save for the long term?

The TFSA investing strategy

Use the TFSA to invest in high-growth and high-dividend stocks, which can grow your money multiple folds in few years. This is because your investment income will be higher than your contribution, and the TFSA will exclude the investment earnings from your taxable income. TFSA is popular among households with after‑tax income under $80,000, according to the 2016 Census.

The iShares S&P/TSX Capped Information Technology Index ETF (TSX:XIT) is a good choice for the TFSA. The ETF has surged 267% in the last five years, converting $10,000 into $36,700. It gives you exposure to the top tech stocks trading on the Toronto Stock Exchange. This 267% growth is when the sector was at a nascent stage. It has now entered the growth stage, and the cloud, 5G, and artificial intelligence revolution will drive the wave. The ETF has holdings in some top stocks like Shopify and BlackBerry, which even tops the Motley Fool Canada recommendations.

The RRSP investing strategy

While high growth stocks are good, they come with high risk, so balance your portfolio with some resilient stocks with stable returns using RRSP. Choose this account when the tax-saving trade-off is worth it.

If your taxable income is $105,000, around $8,000 of your income falls under the 26% tax bracket. But if you put this $8,000 in RRSP, you will save over $2,062 in the federal tax bill. Now that is a good trade-off. You can invest this amount in Canadian Utilities and earn $440 in annual dividend, bringing your total savings for the year to $2,500.

Optimize the benefits of the TFSA and the RRSP and plan your investments in a tax-efficient manner.

The post Which Is a Better Investment Account: TFSA versus RRSP? appeared first on The Motley Fool Canada.

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Fool contributor Puja Tayal has no position in any of the stocks mentioned. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify and Shopify. The Motley Fool recommends BlackBerry and BlackBerry.

The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Motley Fool Canada 2021

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Onex fourth-quarter profit rises helped by private equity and credit investment gains – The Globe and Mail

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Onex Corp. ONEX-T reported its fourth-quarter profit rose compared with a year ago, helped by gains in its private equity and credit investments.

The Toronto-based private equity manager, which keeps its books in U.S. dollars, says it earned a net profit of US$597 million or $6.61 per diluted share for the quarter ended Dec. 31.

The result compared with net earnings of US$187 million or $1.86 per diluted share in the fourth quarter of 2019.

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Onex reported segment net earnings — which exclude certain items — of US$708 million or US$7.72 per diluted share for its fourth quarter, up from US$211 million or $2.04 per diluted share a year earlier.

Onex manages and invests money on behalf of its shareholders, institutional investors and high net worth clients.

It also owns wealth management firm Gluskin Sheff.

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Statement from the Board of Directors, Canada Pension Plan Investment Board – Canada NewsWire

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Since 1999, CPP Investments has existed to help provide a foundation upon which millions of Canadians can build their financial security in retirement. In practice, that requires managing nearly $500 billion in assets at arm’s length from federal and provincial governments, relying on a skilled, experienced and professional team. Leadership is, therefore, fundamental to meeting our objectives on behalf of Canadians and we take that responsibility of leadership very seriously.

Recently, our CEO Mark Machin decided to travel personally to the United Arab Emirates where he arranged to be vaccinated against COVID-19. After discussions last evening with the Board, Mr. Machin tendered his resignation and it has been accepted. 

Mr. Machin has provided outstanding leadership to the organization as a senior executive and then CEO. His significant accomplishments will help to strengthen Canadians’ retirement income security for many decades to come. The Board wishes to thank Mr. Machin for his global perspective, leadership and commitment to excellence and we offer him our sincere best wishes for the future. In his resignation, Mark emphasized his honour and pride in leading one of the finest global investment organizations over the last five years and deeply appreciates the tremendous diligence and talent of the entire CPP Investments team. He added that he is very grateful for the dedication and guidance of the Board of Directors over the years as well as the tenacity, partnership and camaraderie of the senior management team.

Effective immediately, the Board is pleased to appoint John Graham as the new CEO of CPP Investments. In making its decision, the Board unanimously agreed John is ideally suited to lead the organization forward. He has been instrumental in helping to shape and execute CPP Investments strategy over the last decade as a longstanding employee and member of the senior management team with a successful track record of building and leading global investment businesses.

As Chair of the Board, Heather Munroe-Blum expressed that John’s commitment to the organization, to his colleagues, and to CPP Investments unique mandate is unequaled. By consistently demonstrating deep knowledge of our operations, embracing a global mindset during his time in Asia, while delivering value as a founder and leader of a key investment department, John earned the Board’s unequivocal confidence.

About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2020, the Fund totalled $475.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedInFacebook or Twitter.

SOURCE Canada Pension Plan Investment Board

For further information: Mei Mavin, Managing Director, Corporate Communications, CPP Investments, +44 7775 873 625, [email protected] |

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