Money managers are facing a revolution. Their business was built on fat margins, yet suddenly they've found a new religion. The new gospel: low fees, by any means necessary.
Signs of the shift are everywhere. Low-cost, exchange-traded funds are in favour, and everyone from AGF Management Ltd. to Mackenzie Financial Corp. is launching its own suite; Royal Bank of Canada, Canada's largest money manager by assets, is now advertising its bare-bones mutual-fund fees in order to lure clients; and pension funds around the world keep slashing their exposure to expensive hedge funds. Story
DAILY DEALS
Mobile-game maker Kabam evaluating multiple offers for Canada studio
Mobile-videogame publisher Kabam Inc. is weighing multiple acquisition offers for its most lucrative studio, according to a person familiar with the matter, in a sign of continued deal making in the game industry. Story
Chinese group makes key acquisition in manufacturing
An unidentified Chinese consortium has made a key acquisition in Canada's manufacturing sector, purchasing privately held Valiant-TMS, which designs and builds automated production systems.
Valiant-TMS was founded as Valiant Machine & Tool Inc. in Windsor, Ont., by entrepreneur Mike Solcz in 1959 and has been owned by the Solcz family since then. It has about 1,600 employees. Story
IN CASE YOU MISSED IT
TD double-teams bid for discount brokerage Scottrade. Story