Scotiabank looking to sell independent advising firm HollisWealth
Bank of Nova Scotia is in talks to sell HollisWealth, an independent adviser network, as the wealth-management industry faces slowing growth and greater regulatory pressure, sources say.
Quebec City-based Industrial Alliance Insurance and Financial Services Inc. is the front-runner to buy the business, those people said. It isn't clear how much Industrial Alliance is offering for the asset or if the process will result in a definitive sale.
HollisWealth provides advisory services including investments, insurance, mortgages, tax services, estate planning and private banking. The firm's network consists of about 800 advisers in more than 300 locations across Canada. Story
Sprott shows why a golden deal may be better than a pile of cash
In recent weeks, the bright lights in mining and finance circles have been asking what on earth Eric Sprott is up to.
Mr. Sprott's prowess as a mining stock picker has made him an occasional billionaire – the 72-year-old founder of a money manager that bears his name has most of his fortune tied up in gold stocks and the precious metal, which means he is well-to-do all the time and vaults into the ranks of the unimaginably wealthy when bullion prices soar.
What turned heads is Mr. Sprott's decision to turn down a quick score on an investment in Kirkland Lake Gold Inc., and instead watch the company lose a third of its value since September, when it announced plans to merge with Australia's Newmarket Gold Inc. Circumstances forced Mr. Sprott to remain silent on this deal – he's chairman of Kirkland Lake and with the company in the midst of a marriage, he declined an interview request and has not publicly commented on what's playing out. Story
Alignvest's deal could be blueprint for Canadian SPACs
They call themselves the SPAC mafia.
They are an unofficial but influential group of investors who make or break any deal proposed by a special-purpose acquisition corporation, or SPAC. And this hard-to-please group has found a deal they like in Alignvest Acquisition Corp.'s bid for a U.S. wireless company, one of three Canadian SPACs currently seeking shareholder approval for a takeover. Story
Yamana's gold IPO on track, but prices at deep discount
After several attempts to sell or spin off its Brazilian assets, Yamana Gold Corp.'s finally found some luck.
Late last week, the Canadian gold producer filed a final prospectus for its initial public offering of Brio Gold Corp., a new, separate company that will hold the Brazilian properties.
The deal was a tricky sell when it first launched in October, because unlike a traditional IPO, Yamana decided to do this one by way of a rights offering. Under these terms, existing shareholders were given the right to purchase stock in the new company. Normally, spin-outs involve offering the shares to a mix of new and existing shareholders. Story
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