Saxon Financial Inc. has filed a preliminary prospectus for an initial public offering and secondary offering of common shares. BMO Nesbitt Burns Inc. is lead underwriter.

Saxon Financial is a 67%-owned by CMA Holdings Inc., the principal business subsidiary of the Canadian Medical Association. Through various subsidiaries, CMA Holdings provide services to CMA members, including financial counseling and the management of approximately $19 billion in assets.

Saxon Financial is an investment management firm with three principal lines of business: mutual funds, institutional asset management and private client asset management. It is well known for Howson Tattersall Investment Counsel Ltd. and Lancet Asset Management Inc. As at March 31, 2005, Saxon Financial had assets under management of $9.6 billion.

The offering is subject to regulatory approval.


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