July 11, 2018 Comments Off on TD Bank’s Greystone Deal Adds $36B to Asset Management Unit Views: 859 National News

TD Bank’s Greystone Deal Adds $36B to Asset Management Unit

Toronto-Dominion Bank, Canada’s second-biggest lender, is acquiring Greystone Capital Management Inc. (GCMI) in a C$972 million deal, which will make it the largest Canadian money manager. Regina, Saskatchewan-based Greystone will become TD Greystone Asset Management.

TD Asset Management’s Bruce Cooper says, “Greystone’s high-quality team will bring its strengths in fixed income, equities and real asset investing to TD, and will provide our institutional business with an enhanced set of capabilities.”

Providing multi-asset class investment capabilities, Greystone integrates traditional and alternative investment solutions, with a specialty in real estate investments. The transaction adds C$36B in assets under management to TD’s existing C$357B AUM.

GCMI shareholders will receive 30% of the net purchase price in TD common shares, and an option to elect up 50% of the consideration in TD shares, with the balance in cash. The acquisition is expected to close in the second half of 2018.

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