Here are the top reads on deals and financial services over the last 24 hours,
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)
IPO watch: Tilray Inc. is getting closer to going public. The Nanaimo, B.C.-based cannabis grower is looking to sell its shares for between US$14 and US$16 apiece (between $18.40 and $21), the company said Monday in a regulatory filing. Story (Christina Pellegrini, for subscribers)
Private equity: Canada Pension Plan Investment Board has acquired a 39-per-cent interest in Sportradar, a sports data provider that counts basketball legend Michael Jordan, Dallas Mavericks owner Mark Cuban and Ted Leonsis, owner of the Stanley Cup champion Washington Capitals, as investors. Story (Jeffrey Jones, for subscribers)
Executive appointment: Fund manager Bristol Gate Capital Partners Inc. is importing a new leader, hiring former investment banking executive Richard Talbot as its new chief executive officer. Toronto-based Bristol Gate was founded in 2006 by veteran mutual-fund executives Richard Hamm and Peter Simmie, and focuses on owning shares in U.S. and Canadian companies that significantly increase their dividends over time. Story (Andrew Willis, for subscribers)
MORE DEALS NEWS
Drug sector: Takeda Pharmaceutical Co Ltd on Tuesday said it has received U.S. approval for its $62-billion acquisition of London-listed Shire Plc, taking the Japanese firm one step closer to its goal of becoming a global top 10 drug maker. Story
Media sector: Twenty-First Century Fox Inc is preparing a new bid for Sky Plc that values it at about 25 billion pounds (US$33.14-billion) to top the offer it has received from Comcast Corp, the Financial Times reported on Monday. Story
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