This is just a quick update to let people know where we're at on the startup of Steadyhand Investment Funds.

First of all, I want to thank those who sent us their best wishes and encouragement after our initial announcement. It was much appreciated, particularly after Jonathon Chevreau's Post article reminded the world (including us) how hard this is going to be.

Let me start by telling you what Steadyhand is all about.

Steadyhand will be a mutual fund dealer with its own branded funds. The five funds will cover the "risk/reward/income" spectrum - a savings fund, income fund, Canada-centric equity fund, global equity fund, and a small/mid-cap equity fund. The funds will be managed by outside firms that are experienced in each mandate. While the equity funds will be run by different managers, they will have a common Steadyhand philosophy. They will be (1) absolute-return oriented (versus a close reflection of the market indexes); (2) concentrated on the managers' best ideas; and (3) relatively low turnover.

Clients will be able to invest in the Steadyhand funds directly with us, or through another dealer or broker. By dealing with clients directly, we can control how we serve our clients and are able to offer a fee schedule that is attractive and innovative (stay tuned).

Our promise to customers is to always:

* Charge low fees
* Invest with conviction
* Tell it like it is
* Value your time

Let me touch on just a few other details before I close.

I've been asked numerous times who the "we" is at Steadyhand. Up until now the Steadyhand team has been Neil Jensen and myself (with my wife Lori pitching in where she can). In 1996, Neil co-founded Habanero, which is a very successful Vancouver firm that does consulting in information technology. I first met Neil in Habanero's early days when he was consulting to PH&N. Neil doesn't come from an investment background, but he knows the industry well and his strengths (experienced entrepreneur, clear thinker, great multi-tasker, always good natured) offset my weaknesses perfectly (I'm none of those things). Suffice to say, I'm lucky to have him as a partner.

Neil and I feel equally fortunate to have added two new members to the team. Elaine Davison and Scott Ronalds will join us on October 2nd. Elaine will be our Chief Financial Officer, which is a title she held at Qtrade since it was founded in 2000. I'm delighted to be re-united with Scott, who is a former colleague from my PH&N days. He wore many hats at PH&N, including working with me on industry and product research. Scott will take on the role of Manager, Research and Communications.

We are starting to look for additional team members. Specifically, we're looking for Client Service Associates who will deal with our clients.

We have not inked any money managers yet, but would expect that to start happening by mid-October. We are down to the short list stage at this point.

We are still targeting a February opening.