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March 26, 2002
Toronto's financial who's who celebrate Alliance
  
Toronto Economic Development -- Toronto's financial community joined
the City of Toronto to celebrate the launch of the Toronto Financial Services
Alliance. The Alliance will be led by an esteemed group of industry leaders
representing all segments of the sector, city government and academia. The
membership list for the Leader's Forum is attached.

The Alliance's mandate is to bring these parties together for the purpose of
developing an action plan that will enhance Toronto's long-term competitiveness
in the financial services sector. The initiative is a crucial step toward
implementing the City of Toronto's economic development strategy that focuses
on enhancing the international position of the City's key economic clusters.

The Alliance is composed of a Leader's Forum that supplies strategic direction,
a cross-industry advisory committee and several work groups and has identified
three objectives:
  • to develop an awareness building campaign
  • to enhance the competitiveness in regional, national and global marketplaces
  • to develop positions on key policy issues and advocate for them
In his
welcoming remarks, Deputy Mayor Case Ootes said, "The commitment to the
initiative is truly underscored when you look at the energy and enthusiasm that
the advisory committee and work groups are contributing to the initiative. This
level of interest confirms that we have struck a chord with the industry and
organized a program that people believe will benefit not only their own
companies but the sector and the City as well."

Welcoming remarks were also made by Mr. Fred Gorbet, Director of the Financial
Services Program at the Schulich School of Business and member of the Leader's
Forum.

A key-note address was given by Stephen Harris, Head, International Strategy
for International Financial Services, London (IFSL). Mr Harris will be speaking
on IFSL's success in promoting ITS financial services sector.

Over the last two years Mr. Harris has been promoting public private
partnerships. He has met and organized programs in the UK for more than 20
overseas government delegations and has made presentations in Germany, Spain,
Switzerland, Hong Kong, Denmark and Mexico.

The City of Toronto has been committed to the Alliance from the outset and has
provided leadership and resources in support of the belief that the Alliance is
essential for Toronto's growth and survival in the financial services sector.

Backgrounder

Toronto's financial services cluster
  • 3rd largest financial services cluster in North America, after New York and Chicago
  • Grew 38 per cent during the last decade - higher growth rate than New York and Chicago
  • Headquarters of Canada's five largest banks
  • 75 per cent of the headquarters of foreign banks in Canada
  • Toronto Stock Exchange is the 3rd largest in North America - best performing exchange in the world in 1999 as measured by market capitalization
  • Home of 5 out of the 10 top Canadian life insurance companies
  • Concentration of 1,700 financial services firms in the City
  • 131,000 Jobs in the City - 10 per cent of total city employment
  • Financial services generates 30 per cent of the City's Economic Output (GDP)
  • Growth of higher order banking functions (wealth management, merchant banking) doubled during the last decade
  • Highly integrated with the business services and information technology clusters
  • Canadian institutions are world leaders in the development and use of debit card and automated bank machine technology
  • Accounts for 25 per cent of all computer service jobs
  • Banks alone spent over $2 billion annually on IT development

Toronto FSA Leaders Forum

Case Ootes:
Deputy Mayor, City of Toronto
Michael Feldman:
Chair, Economic Development, City of Toronto
Anthony Comper:
Chairman and CEO, Bank of Montreal
Barbara Stymiest:
President and CEO, Toronto Stock Exchange
Charles Baillie:
Chairman and CEO, TD Bank Financial Group
Claude Lamoureux:
President and CEO, Ontario Teachers Pension Plan
Dale Richmond:
President and CEO, Ontario Municipal Employees Retirement System
Dominic D'Alessandro:
President and CEO, Manulife Financial
Donald J. Cowan:
President and CEO, ABN-AMRO Bank Canada
Elyse Allan:
President and CEO, Toronto Board of Trade
Fred Gorbet:
Director, Financial Services Program, Schulich School of Business
Gordon M Nixon:
President and CEO, RBC Financial
John Hunkin:
Chairman and CEO, CIBC
Peter Godsoe:
CEO, Scotiabank
Phil Taylor:
President and CEO, AIM Funds Management Inc.
Rick Miner:
President, Seneca College of Applied Arts & Technology President, Seneca
College of Applied Arts & Technology
Sean Weir:
National Managing Partner & CEO, Borden Ladner Gervais
William A. MacKinnon:
Chairman and CEO, KPMG LLP


Media Contact
Brenda Librecz
Managing Director Economic Development
416-397-4700

 

 

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