Canada's Pro-Financial freezes distribution of principal-protected notes


Canadian fund manager Pro-Financial has stopped offering principal-protected notes (PPNs) to investment dealers, according to Ravi Ramaswamy, senior vice-president at Pro-Financial in Toronto.

Ramaswamy says Pro-Financial will focus on distributing more traditional investments such as open-ended funds rather than closed-ended structured notes, although stopped short of saying he would never offer PPNs again. "We still have a few closed-ended products," he says. "But we won't be offering any new

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