PI Financial not exposed to Asset-Backed Commercial Paper
VANCOUVER, BC – Friday, March 28, 2008 – PI Financial is acutely aware of the recent challenges to the financial markets caused by issuers of asset-backed commercial paper (ABCP). These challenges have created uncertainty not only for investors concerned about their personal holdings but also to the stability of financial institutions who have invested their own capital in ABCP or have clients with significant holdings in ABCP.
In order to determine if our firm, or our clients, may have been adversely affected, PI Financial has conducted a thorough review of the firm’s holdings and client holdings to determine what, if any, exposure we have to ABCP.
We are pleased to report that our firm’s capital has zero exposure to ABCP. In addition, none of our clients have purchased such securities through PI Financial.
Chairman & CEO