Effective November 27, 2008, Gateway Securities Inc. (“Gateway”) entered into a definitive agreement with PI Financial Corp. (“PI”) whereby PI will purchase all of Gateway’s client accounts. The Board of Directors of Gateway has determined that this transaction serves the best interests of Gateway and its clients. It is anticipated that the transfer of your account(s) from Gateway to PI will take place in or about mid-January 2009.
We at Gateway and PI are confident that PI will offer you the service-oriented focus that you are used to, and are confident that PI also has the financial strength and stability that you expect in an investment dealer.
About PI
PI is a leading Western Canadian based investment dealer providing a full range of investment products and services for individual, corporate and institutional investors. PI is 75% employee-owned, and 25% owned by National Bank Financial, a subsidiary of National Bank of Canada.
Founded in 1982 by Max Meier and John Eymann, PI started with only eight employees and a commitment to serving the best interests of its clients. PI now serves more than 15,000 clients and has over 160 employees in its offices in Vancouver, Calgary and Victoria.
PI investment advisors offer individual clients a comprehensive range of investment products and services including: access to Canadian and US equities, fixed income, mutual funds, options, retirement plans, life insurance, tax advantaged products, and a wide range of research services.
PI is one of Canada’s top investment banks for small to mid cap Canadian companies and has expertise in the resource, technology, life sciences, alternative energy, and consumer discretionary sectors.
More detail regarding PI can be found on its website - www.pifinancialcorp.com.
What this means for your Account at Gateway
Gateway and PI are committed to ensuring that service to your account(s) continues in a smooth and uninterrupted manner following the transfer of Gateway accounts to PI. Your Gateway investment advisor may also be joining PI and, in those cases, will continue to serve your investment needs. If your investment advisor will not be joining PI, your account will continue to be serviced by an experienced professional.
Gateway Securities Inc. Members CIPF PI Financial Corp.
There are several important things you need to know about the transfer of your account(s), including:
Gateway will be required to transfer your personal information to PI, in order that PI may continue to service your account(s). Following the transfer of your account(s), the operation of your account(s) and use of your personal information will be subject to PI’s Privacy Policy, a copy of which is enclosed;
Following the transfer of your account(s), your account(s) will be subject to PI’s Fee Schedule, a copy of which is enclosed; and
PI is required by regulation to ensure that your account(s) with PI is/are updated in due course with appropriate PI account documentation. In that regard, your PI investment advisor will be contacting you some time after the account transfer to obtain updated account documentation. During the period prior to obtaining PI documents from you, the terms and conditions of your Gateway account(s) will continue to be applicable to your account with PI (including but not limited to the terms and conditions of your Gateway account agreement(s), margin agreement(s), and/or guarantee agreement(s).
What do you need to do?
We are confident that PI will be able to provide you with excellent customer service. You have, however, two options in relation to the account transfer, as follows:
OPTION1 – DO NOTHING – If you wish to have your account(s) transferred from Gateway to PI, no action is required. In this case, your accounts will be transferred automatically and you will then be subject to PI’s Privacy Policy and Fee Schedule. The remaining terms and conditions of your account(s) at Gateway will continue to apply until new PI account documentation is obtained from you;
OPTION2 – PROVIDE GATEWAY WITH TRANSFER INSTRUCTIONS – If you do not wish to have your account(s) transferred from Gateway to PI and wish to move your account(s) to a different financial institution, you should have your new financial institution provide Gateway with transfer instructions as soon as possible. In any event, Gateway should be in receipt of those transfer instructions no later than December 31, 2008. There is no charge for selecting this option.
