Toronto-Dominion (TD) Bank has agreed to acquire fellow Canadian financial services firm Greystone Capital Management, the parent company of Greystone Managed Investments, in a deal valued at CAD$792mn.
The purchase will see TD Asset Management (TDAM) taking on Greystone’s $36bn in managed assets, raising its total management portfolio to approximately $393bn.
In turn, this will make TDAM the largest asset management business across Canada.
“Greystone’s leadership in alternative investments is a perfect complement to TDAM’s traditional investment products,” said Le Salom, Group Head, Wealth Management and TD Insurance, TD Bank Group.
“Their robust suite of proven alternative and traditional investment solutions, combined with the scope and strength of TD’s existing offerings, will provide clients with compelling solutions to enhance their current portfolios.”
The transaction will provide TD with a bolstered portfolio in alternative investment markets including real estate, mortgages and infrastructure, whilst also providing Greystone with a greater platform to evolve and grow.
“Joining Forces with TD will add tremendous value to Greystone clients interested in expanding and diversifying their investment portfolios,” said Robert Vanderhooft, CEO 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 organisation.”
Greystone and its 200 employees will continue to operate from its current location in Regina, but will be rebranded to TD Greystone Asset Management as part of the deal that is expected to complete in H2 2018.