TD Bank buys Saskatchewan-based money manager Greystone for $792M
TD Bank has signed a deal to acquire Saskatchewan-based money manager Greystone Managed Investments Inc. in a stock-and-cash agreement worth roughly $792 million.
TD says the addition of Greystone's $36 billion in assets under management will make TD Asset Management the largest money manager in the country, based on Canadian assets.
The bank's group head of wealth management and TD insurance Leo Salom says the acquisition beefs up its expertise in alternative investments such as real estate, mortgages and infrastructure.
The proposed deal between TD and the money manager's parent company Greystone Capital Management Inc. is expected to close in the second half of this year.
It is expected to bring TD's Canadian assets under management at the bank to roughly $393 billion.
Greystone, which has nearly 200 employees, will be rebranded as TD Greystone Asset Management and will continue to operate from Regina.