TORONTO, March 6 /CNW/ - Morningstar Canada and the Canadian Investment
Funds Standards Committee (CIFSC) announced today that Morningstar Canada has
rejoined the CIFSC, effective immediately, setting the stage for
re-establishing a single set of basic industry-wide categories for Canadian
investment funds later this year.
Morningstar's return to the committee comes just over 12 months after it
withdrew from the committee in February 2006. "We are delighted to welcome
Morningstar back," said Chris Adair, Chair of the CIFSC. "With this
announcement, our mutual goal of re-establishing a single set of categories
for the industry is at hand," said Adair, who is also General Manager of
Fundata Canada Inc.
Morningstar's return to the CIFSC follows extensive discussions held
between the two groups that focused on combining the best features of the two
existing category systems into a single new set of categories. The new
categories will be released later this year after a comment period that will
enable the fund industry and other interested parties, including the public at
large, to express their views.
In addition to the development of a new category schema, the two groups
addressed logistical, procedural and governance issues including the adoption
of non-voting membership status for industry trade groups and other future
advisory members of the committee.
"Our mutual goal is to assist Canadian investors in their investment
decisions," said Morningstar Canada President and CEO Scott Mackenzie.
"Canadian investors will once again benefit from having a single set of basic
categories with which to evaluate mutual funds."
Mackenzie added that the agreement to rejoin CIFSC addresses Morningstar
Canada's concerns regarding the development and monitoring of standard fund
categories, as well as governance issues.
CIFSC is a volunteer organization, made up of competing yet collaborative
organizations, committed to the goal of a single, objective and standardized
investment fund classification system for use across Canada. Its current
membership includes representatives from the Canadian Life and Health
Insurance Association, Cannex Financial Exchanges, FP Datagroup, Fundata
Canada, FundSERV, The Globe and Mail, The Investment Funds Institute of
Canada, Lipper, Morningstar Canada and individual consultants.
About Morningstar Canada
Morningstar Canada is the Canadian subsidiary of Chicago-based
Morningstar, Inc., a leading provider of independent investment research.
Morningstar Canada produces the popular PALTrak and Morningstar Advisor
Workstation investment-fund research tools, and is a major source of Canadian
investment fund information through Morningstar.ca and MorningstarAdvisor.ca.
Morningstar Canada is also a leading provider of Web-based solutions for fund
industry Web sites, and provides consulting services based on its data and
related analysis. Morningstar, Inc. provides data on approximately 190,000
investment offerings, including stocks, mutual funds, and similar vehicles.
The company has operations in 15 countries and minority ownership interests in
companies in three other countries.
For further information:
For further information: Scott Mackenzie, President and CEO, Morningstar
Canada, (416) 489-7074, ext. 229; Chris Adair, Chair, CIFSC, (416) 445-7445