National Bank of Canada is striking a partnership with Bill Gross, once dubbed "the king of bonds."
The country's sixth-largest bank started a new global fixed-income fund last month and its portfolio is being managed by Mr. Gross and his team at Janus Capital Management LLC.
According to its prospectus, the NBI Unconstrained Fixed Income Fund will be invested in a variety of securities, including government and corporate bonds, mortgage-backed securities and derivatives, among others. Up to 25 per cent of the fund's net assets can be invested in high-yield bonds. Story
Proxy adviser knocks CIBC's big takeover bid, CEO unfazed
Canadian Imperial Bank of Commerce's chief executive officer is confident investors will bless his $4.9-billion bid for Chicago-based PrivateBancorp next week, despite the objection of one major proxy adviser.
In June, CIBC agreed to acquire PrivateBancorp, a private and commercial bank with about 18-billion (U.S) in assets, for a mix of cash and stock. If approved, the deal will be the biggest in CIBC's history and will boost the bank's presence in the U.S., recasting the perception that it is overly exposed to Canada.
With the Dec. 8 investor vote approaching, Institutional Shareholder Services Inc. has recommended that PrivateBancorp's owners reject the deal. Large institutional investors like pension plans and mutual funds routinely rely on the opinions of these proxy advisers because they don't have the resources to study every deal that companies they own are involved in. Story
DAILY DEALS
Brookfield Asset Management Inc. has entered exclusive talks on a takeover of Bharti Infratel Ltd., India's largest listed wireless tower owner, after submitting a bid valuing the company at about $11-billion, people with knowledge of the matter said. Story
IN CASE YOU MISSED IT
Christina Pellegrini on the drop in RBC's capital markets profits. Story
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