Mary Doria was recently cleaning her family’s Scarborough, Ont. home office when she discovered a Guaranteed Investment Certificate (GIC), in the amount of $25,000.
Doria had purchased the GIC from Scotiabank in 1993, 29 years ago.
“I thought this is truly amazing, if this money is really there then it would be truly great,” said Doria.
Doria said she had forgotten about purchasing the GIC because she lives with her parents, and never needed the money.
A GIC is considered one of the safest investments, as it’s similar to a savings account that allows you to earn interest annually until it’s cashed in.
Doria admits she is not sure if she ever cashed in the $25,000 investment, so she contacted Scotiabank to find out.
Scotiabank told her, however, that because almost three decades have passed, they cannot provide paperwork to show what happened to the money.
Doria said she feels the bank should have to provide some kind of proof as to exactly what happened to the funds, including whether it was cashed in or not.
“There is no way of telling. I’m sure they would have put cashed or redeemed on it (the GIC) or something like that if it had been cashed in,” said Doria.
Doria also said it states on her certificate that if the GIC is not cashed in, the principal and interest should be reinvested.
While Doria admits there is a chance that $25,000 GIC was cashed in, she is concerned the bank can’t give her a definitive answer or provide documents showing what happened to the money.
“They are saying the microfiche with all the records from 1993 [is] all gone. They have nothing to show saying it’s too old,” said Doria.
CTV News did a similar story in 2018 when Kim Ping Cheah found a 20-year-old GIC from Scotiabank for more than $12,000 USD. At the time, Cheah felt she had not cashed in her investment.
“They have no evidence that I redeemed it. Where has the money gone,” said Ping Cheah.
In 2018, CTV News published another story with Murad Dharani who said he had found $39,500 in GICs, some of them also with Scotiabank, which he also felt had not been cashed in.
“I was told it’s been so long you must have used the money, and I said ‘No, I would know,’” said Dharani.
A spokesperson for Scotiabank told CTV News Toronto could not provide comment regarding Doria’s situation.
“Scotiabank cannot comment on any individual customer matters for privacy reasons, but we can confirm that non-negotiable term GICs, such as the one in question, are paid directly to the customer at the time of maturity,” the spokesperson said.
At the time a GIC matured, Scotiabank says it could have also been automatically deposited into a customer’s account.
If a bank has money from an unclaimed account after 10 years, the money is supposed to be sent to Bank of Canada’s unclaimed balances section.
Doria’s funds were not there, yet she still feels a bank should have to have some type of record of such a large investment.
“I just want some answers from the bank. What happened? Where did the money go?” said Doria.
It’s important to stay on top of your finances because banks in Canada only have to keep financial records for seven years.
If someone did invest $25,000 at 5.5 per cent annually over 29 years, it would be worth $118,103.
OMERS names capital markets head as next chief investment officer – The Globe and Mail
Ontario Municipal Employees Retirement System (OMERS) has named capital markets head Ralph Berg as its next chief investment officer, succeeding Satish Rai.
Mr. Berg starts as CIO on April 1 after two years as global head of OMERS Capital Markets, where he oversaw the public-market investments that make up more than half of investment assets at the pension plan.
In April, Mr. Rai will move to an advisory role and plans to retire from OMERS late in 2024. He has been CIO since 2018 and also led OMERS’ capital markets arm during his eight years at the pension plan, while helping guide its expansion into Asian markets. He was previously CIO at TD Asset Management, a division of Toronto-Dominion Bank.
Mr. Berg has been at OMERS since 2013. He joined the pension plan as global head of its infrastructure arm after a career in banking at Credit Suisse Group AG and Deutsche Bank AG.
“Ralph is a proven investor and a seasoned executive,” said OMERS chief executive officer Blake Hutcheson, in a news release.
Mr. Berg’s successor as head of capital markets has yet to be announced.
OMERS had $119.5-billion of assets as of June 30 last year. Over Mr. Rai’s tenure as CIO, it has shifted more of its assets from public to private markets, which helped OMERS post steady results in the first half of last year, losing only 0.4 per cent despite difficult market conditions.
That came after two volatile years in the COVID-19 pandemic that included an 11.4-per-cent loss in 2020 – when OMERS marked down real estate and private equity holdings that were affected by strict public health measures – and a rebound in 2021 that saw the plan’s assets gain 15.7-per-cent.
As Mr. Rai prepares to step down, Mr. Hutcheson said: “I look forward to his continued commitment and counsel” in his advisory role.
Ark Invest Cathie Wood: artificial intelligence chatGPT – CNBC
Forget ChatGPT — an AI-driven investment fund powered by IBM's Watson supercomputer is quietly beating the market by nearly 100% – Yahoo Canada Finance
While the language bot ChatGPT has gone viral, a Watson-powered ETF is making nearly double the returns of the broader market.
The AI Powered Equity ETF is up 10.4% in 2023, whereas the Vanguard Total Stock Market Index is up 5.67%.
IBM’s Watson supercomputer helps balance the fund’s portfolio holdings.
The popular language bot ChatGPT has shown a humanlike ability to render articles, emails, and even dating-app messages. But if you ask it to generate a portfolio that can beat the market, it spits out boilerplate information and reminds you it doesn’t have access to live stock data.
Yet, the $102 million AI Powered Equity ETF (AIEQ), which launched in 2017, has been quietly fulfilling that request so far this year. Issued by ETF Managers Group in partnership with the fintech firm Equbot, the fund leans on IBM’s Watson supercomputer to balance its portfolio.
That 114-holding portfolio is up 10.4% so far in 2023, while the Vanguard Total Stock Market ETF is up 5% over the same stretch.
Still, as ETF.com highlighted, the former is actively managed, and thus more expensive than the benchmark fund, cutting into actual returns to investors. The AI-powered ETF charges 0.75%, whereas Vanguard’s costs 0.03%. Both funds include JPMorgan and UnitedHealth Group in their top-10 holdings.
Chris Natividad, the chief investment officer of Equbot, said the Watson-powered fund can look beyond standard market data and cull information from tweets and earnings calls, according to ETF.com.
“We’re focused on investment related data, looking at how these different types of signals impact security practices across different time horizons,” Natividad said, per ETF.com.
“The best days of the fund are still ahead of it,” he added. “And just as you’ll see ChatGPT’s responses change and evolve with time and data, so will our fund.”
Meanwhile, ChatGPT’s parent company, OpenAI, this month secured a $10 billion investment from Microsoft this month, and the technology continues to make waves across sectors.
Online media outlet BuzzFeed announced last week it plans to leverage the technology to create content, educators are warning about the bot’s repercussions in schools, and chipmakers are poised to cash in.
Read the original article on Business Insider
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OMERS names capital markets head as next chief investment officer – The Globe and Mail
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