(January 3 – 14:45 ET) – New York-based Proxy Monitor, a proxy voting advisor to institutional investors, has acquired Fairvest from VERSUS Technologies Inc. The firm will now be known as Fairvest Proxy Monitor Corp. Terms of the deal were not disclosed.

“Fairvest is a unique institution, the unquestioned voice of good corporate governance in Canada,” Proxy Monitor’s CEO James Heard said.

“We are very pleased to join with Proxy Monitor,” said William Mackenzie, president of Fairvest Proxy Monitor. “Proxy Monitor brings to Fairvest and its clients not only expertise in U.S. and global governance issues, but also a well-deserved reputation for innovative use of technology. For the first time, Canadian institutional investors will have access to a Canadian-based advisory service that provides full-portfolio proxy research and voting services.”

All Fairvest corporate governance staff will remain with the firm, according to Heard and Mackenzie. Fairvest Proxy Monitor will continue to operate from Fairvest’s Toronto office.

Commenting on the transaction, Colleen Moorehead, E*TRADE Canada’s president, said, “E*TRADE Canada’s institutional brokerage activities are unaffected by this transaction. We will continue to provide institutional brokerage services to Canadian institutional investors. We will also continue to facilitate payment for Fairvest Proxy Monitor’s services through E*TRADE’s trading desk.”

Fairvest was founded in 1984 by shareholder activist William Allen as Allenvest Group Ltd. It provides corporate governance research and voting services to Canadian institutional investors. Fairvest was acquired by VERSUS Technologies Inc. in May 2000, and VERSUS Technologies Inc. was then was acquired in August 2000 by E*TRADE Group, Inc. of Menlo Park, California.
-IE Staff