What’s new: In brief (September 23, 2004)

Investors Group has received notice that staff of the Ontario Securities Commission (OSC) are considering proceedings against the company for mutual fund dealings between March, 2000 and September, 2003. The financial services firm says it will respond to the notice, and notes that while an OSC review resulted in allegations of “market timing” activities in its mutual fund business, not allegations of late trading have been made. Investors Group adds that the letter says the industry, and Investors Group specifically, have made provisions to control short-term trading.

Everest Re is on the move, from Barbados to Bermuda. The reinsurer says it will move its headquarters by the end of the year. It also announced it will buy back five million of its own shares, subject to market conditions and regulatory approval.

Aviva plans to move 950 more jobs from its U.K. business to offshore locations. The company says 150 jobs will be lost, mainly in its Norwich and York locations, as a result, with the rest of the positions being vacated through “normal staff turnover, redeployment and retraining”. About 760 of the jobs are going to India, and the remainder to Sri Lanka. The decision is part of an overall strategy to move 7,000 roles offshore by 2007.