Sunday, November 4, 2007

Altamira is No More

I have discussed the issues at Altamira here before on a couple of occasions. I was wondering when the lay-offs would start after a couple of their mutual funds were caught invested in illiquid ABCP vehicles. This week I received a letter from them in which they tell me that Altamira will be merged with the National Bank, ceasing to exist as an independent entity. You have to wonder really how deep the troubles with ABCP are in these banks. We know that the so-called bail-out plan is in deep trouble. I have also read and heard rumours (BNN) that BMO has somewhere between $20B and $40B in ABCP investments off the balance sheet that will soon have to come back into the balance sheet.

So, I am sure like many investors, I am looking for another place where to move all my mutual funds to. It is really sad because Altamira used to provide excellent service when it was a independent company. My past experiences with the National Bank have been less than stellar, I am certainly not looking forward to giving them my money. I also have accounts at Altamira Securities, which is nothing but trouble besides outrageous commissions and fees. I have lent them enough money with my 5-year market-linked GIC which has returned something like 0.5% yearly in 3 years! Fool me once, shame on you...

So, I am looking for a place where to move all my funds with both Altamira Investments and Altamira Securitities.

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