TD Bank Group announced July 10 that it is acquiring Greystone Capital Management Inc. (GCMI), parent company of Greystone Managed Investments Inc., (Greystone) for a net purchase price of $792 million, subject to certain adjustments.
TD says that with the addition of Greystone's portfolio, TD Asset Management (TDAM) will become the largest money manager in Canada.
Leadership in alternative investments
"Greystone's leadership in alternative investments is a perfect complement to TDAM's traditional investment products,” said Leo 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."
Founded in 1988 and headquartered in Regina, Saskatchewan, Greystone is a privately-owned institutional asset manager with nearly 200 employees. “With this transaction, TD will add Greystone's $36 billion in assets under management to their existing $357 billion under management, bringing the pro forma total to approximately $393 billion assets under management at TD,” says the bank.
Following the completion of the transaction, Greystone will operate under the name TD Greystone Asset Management and continue to operate out of Regina, says TD.
TD's purchase of GCMI is subject to the receipt of regulatory approvals and is expected to close in the second half of 2018.