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Streetwise Streetwise newsletter: SNC weighs breakup; Scotiabank shuffles executives

Here are the top reads on deals and financial services over the last 24 hours,

SNC-Lavalin weighs breakup amid stock slide, investors told in private meeting: SNC-Lavalin Group Inc. has told investors it is considering breaking up the company by spinning out some businesses before its criminal case ever gets to trial, a move that could include carving out British unit WS Atkins. Executives with the Montreal-based engineering giant, which is charged with bribery and fraud in a case that has created political turmoil for the Trudeau government, told institutional investors at a private luncheon last Friday that its so-called “Plan B” is about generating more value for all stakeholders and that certain businesses could be spun out, according to two people who participated in the meeting. Story (Nicolas Van Praet and Tim Kiladze, for subscribers)

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Scotiabank shuffles key executives, spins out expanded wealth management as separate unit: Bank of Nova Scotia is shuffling key executives as it spins out its expanded wealth management business as a separate division. The bank’s wealth management results are currently reported as part of its Canadian banking arm, but will formally become a standalone business line on November 1. Story (James Bradshaw, for subscribers)

Ontario is finally regulating the terms financial planner and financial adviser, to the benefit of everyone: The recent 2019 Ontario Budget finally introduced a proposal that is long overdue – formally regulating the terms financial planner and financial adviser. While specific details about proficiency standards are yet to come, most of us in the financial advice and investment industry are eager to have a valid framework in place as soon as possible. Opinion (Darren Coleman)

85 per cent of money invested in Canadian VC funds went to funds with no female partners: report: Eighty-five per cent of money invested in Canadian venture-capital funds last year went to funds with no female partners, a new report says. Gender imbalance in the Canadian venture-capital (VC) sector, and the companies it funds, has long been widespread. Story (Josh O’Kane, for subscribers)

MORE FINANCIAL SERVICES NEWS

British banks lose appetite for new Brexit referendum, focusing instead on shifting business elsewhere: While Britain debates the merits of a second Brexit referendum, London’s financial centre is steering clear of the argument, resigned to the need to shift some business elsewhere. Story (Reuters)

MORE DEALS NEWS

Anadarko backs Occidental’s revised $38-billion bid, pressuring Chevron to respond: Anadarko Petroleum Corp.’s board on Monday backed a US$38-billion bid from Occidental Petroleum Corp., adding pressure on rival Chevron Corp. to raise its offer or walk away from the takeover contest. Story (Reuters, for subscribers)

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