TD Asset Management is to become Canada’s largest money manager with the acquisition of Regina-based privately-owned institutional asset manager Greystone Managed Investments.
TD will acquire GCMI, which is part of Greystone Capital Management Inc. for a net purchase price of $792 million, subject to regulatory approvals.
The addition of the firm’s diversified portfolio will boost TDAM’s assets under management by $36 billion to approximately $393 billion.
“This acquisition is an exciting step for TD Asset Management. 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," said Bruce Cooper, CEO and CIO, TD Asset Management.
Greystone was founded in 1988 and has more than 200 employees. It will continue to operate out of Regina but will be rebranded as TD Greystone Asset Management.
"Joining forces with TD will add tremendous value to Greystone clients interested in expanding and diversifying their investment portfolios," said Robert Vanderhooft, Chief Executive Officer and Chief Investment Officer of Greystone. "TD's core values, combined with its progressive employee culture and long-term investment philosophies are in perfect alignment with Greystone. We look forward to joining such a well-respected organization."
The deal is expected to close in the second half of 2018.
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