The Globe and Mail’s Tim Kiladze takes top honours for “The $1.3-billion fraud Bay Street forgot”
Advisor.ca’s Melissa Shin and David Aston of MoneySense receive second and third prizes respectively
TORONTO, ON, May 11, 2017 –The Globe and Mail’s Tim Kiladze, Advisor.ca’s Melissa Shin, and MoneySense Magazine’s David Aston have won the top three prizes of the 2017 PMAC Award for Excellence in Investment Journalism, presented by the Portfolio Management Association of Canada (PMAC).
“In a year dominated by news coverage on Brexit, Trump, heightened world tensions and torrid housing markets, these journalists stood out by explaining important and seemingly complex issues of interest to the consumer in a way that was easy to understand, well-researched and of practical benefit,” says PMAC President, Katie Walmsley.
PMAC created the annual competition, now in its sixth year, to acknowledge exceptional journalism that fosters a better understanding of the investment industry and improves Canadians’ financial literacy.
First Prize:
The Globe and Mail’s business reporter, Tim Kiladze for his article on The $1.3-billion fraud Bay Street forgot, published on November 4, 2016. Kiladze provided an in-depth look into Poseidon Concepts, one of Canada’s less-reported frauds, and highlighted issues relevant to investors who are vulnerable to hype and to advertised returns that are too good to be true.
Second Prize:
Advisor.ca’s Melissa Shin and Advisor Staff for their article on How banned IIROC and MFDA advisors can still sell insurance, published on Advisor.ca on June 14, 2016. These extensively researched articles detailed cases where banned or suspended investment advisors were able to continue selling other financial products due to the fragmented nature of the Canadian regulatory system. The articles went beyond urging greater collaboration among regulators by suggesting how investor protection might be tightened and published the full responses from regulators, some of whom have made changes as a result.
Third Prize:
MoneySense Magazine’s David Aston for two related articles: Do you need more stocks? and Strategic trade-off, published in December 2016 and January 2017. These articles gave practical how-to advice and cited relevant pros and cons in addressing the ongoing challenge of low interest rates by restructuring portfolios and modifying asset allocation.
The judging panel gave honourable mentions to the following writers:
Rob Carrick, Personal Finance Columnist for the Globe and Mail for his thorough and informative introduction to CRM2. What new disclosure rules mean for you (July 15, 2016) and Investor alert: Your statement is on its way (January 6, 2017). In addition to citing the new rules, Carrick explained how to understand newly disclosed information and apply it in evaluating service delivered by advisors.
Yannick Clérouin, Editor-in-Chief of Journal Les Affaires for Pous vous enrichir en Bourse, faites le mort (If you want to make money on the stock market, play dead) published September 10, 2016. This well-written short article effectively warned investors about the risks of too much trading and critically questioned whether they really are well-served by the common practice of meeting annually with their advisors.
John Heinzl, Globe and Mail’s investment columnist, for articles pointing out the unanticipated pitfalls of certain investment vehicles. (March 18, 2016, October 14, 2016, and December 2, 2016). The three articles provided excellent reminders of the unpleasant surprises investors can suffer if they do not adequately research and understand the investment vehicles they buy.
Together, the members of the judging panel have extensive background and depth of experience in both journalism and the investment industry. “Their standards are very high and their choices reflect a tough-minded, but fair assessment of writing that benefits Canadian investors,” Walmsley said.
The competition’s first prize winner receives $5,000; second prize $3,000 and third prize $2,000. The prizes will be presented at PMAC’s CEO Dinner on June 7, 2017 in Toronto.
Details of the annual competition are available on the PMAC website.
About PMAC:
Portfolio Management Association of Canada represents investment management firms that manage more than $1.5 trillion in assets for private individuals, foundations, universities and pension plans. The Association advocates for the highest standards of unbiased portfolio management in the interest of investors served by members.
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