Here are the top reads on deals and financial services over the last 24 hours,
Bank acquisition: Toronto-Dominion Bank is jockeying for position as a leading asset manager for institutional clients with a $792-million cash-and-stock deal to buy Regina-based Greystone Managed Investments Inc. Story (James Bradshaw, for subscribers)
Money manger expansion: Money manager Connor, Clark & Lunn Financial Group Ltd. is expanding its reach into frontier equities with the launch of a new investment firm. On Tuesday, Toronto-based CC&L announced a partnership with Vergent Asset Management LLP (Vergent), an investment manager founded by Ali Al Nasser and Nemer Bechara that will focus on frontier and new emerging markets. Story (Clare O’Hara, for subscribers)
Plagerism: The chief executive officer of Calgary-based technology startup Imaginea AI is attempting to quell regulatory and investor concerns that widespread plagiarism in its marketing materials may have misled potential buyers about its planned $30-million cryptocurrency offering. Story (Alexandra Posadzki and Jeffrey Jones, for subscribers)
Pension funds: QuadReal Property Group has become the latest Canadian pension fund to beef up its co-working portfolio, with an equity investment in a second flexible office company. Story (Rachelle Younglai, for subscribers)
Cannabis: Canopy Growth Corp. is acquiring Hiku Brands Co. Ltd., the owner of the Tokyo Smoke chain of coffee shops that sells cannabis accessories and clothing. Story (Christina Pellegrini, for subscribers)
Detour Gold: The interim chief executive officer of Detour Gold Corp. is firing back at dissident shareholder Paulson & Co. and insisting that remaining as a standalone, and not selling the company, is in the best interests of shareholders. Story (Niall McGee, for subscribers)
Securities: At a time when regulators across the country have explicitly refused to endorse a statutory best-interest standard for financial advisers, the possibility of Canada’s financial institutions’ charging excess fees demands our attention. Opinion (Anita Anand, for subscribers)
MORE FINANCIAL SERVICES NEWS
Executive appointment: Morgan Stanley’s Ted Pick was promoted to head the division that houses all of its investment bankers and traders, bolstering his position as a possible successor to chief executive James Gorman. Story
MORE DEALS NEWS
On the hunt: Alimentation Couche-Tard Inc. is looking for new acquisitions following a blockbuster year that made it Canada’s largest company by revenues, the convenience store operator said Tuesday. Story
WHAT WE’RE READING ELSEWHERE
Private equity: Blackstone Group LP plans to start raising its next global private equity fund three years after gathering about US$18 billion from investors for its last pool. Bloomberg
IN CASE YOU MISSED IT
Big bank concentration: Six years ago, Canada’s securities regulators stunned Bay Street by launching a review of mutual fund fees. In late June, after multiple rounds of consultations, the watchdogs finally released their recommendations. They landed with a splat. After so many years of study, the only major proposal was a ban on deferred sales changes. Trailer fees − controversial, annual charges paid by investors to financial advisers, for simply investing in mutual funds − live on. Although the study now feels complete, it shouldn’t be the end. There are still other avenues for regulators to pursue. At the top of that list: the increasing concentration of power in wealth management among the Big Six banks. Story (Tim Kiladze, for subscribers)
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