Royal Bank seeking asset manager in Europe
Royal Bank of Canada is interested in acquiring an asset manager in Europe to expand its wealth-management capabilities beyond fixed income.
Janice Fukakusa, RBC's chief financial officer, signalled the interest during a discussion at the Barclays Global Financial Services Conference on Monday, reiterating that Europe is RBC's "third home market" in addition to Canada and the United States.
Wealth-management assets have become prized by Canadian banks, given that steady fees from mutual funds and other investments look particularly attractive during an era of low interest rates and weak economic growth. Story
CPPIB targets boomer wave with cruise company investment
Canada Pension Plan Investment Board is investing in a river and ocean cruise company, marking the pension fund's first private investment based on its thematic investing strategy.
CPPIB said Monday that it would team up with alternative asset manager TPG Capital to jointly invest $500-million (U.S.) in Viking Cruises, which operates more than 60 vessels in dozens of countries and has plans to expand. Story
DAILY DEALS
Fertilizer giants Potash Corp., Agrium ink $36-billion tie-up
Potash Corp. of Saskatchewan Inc. and Agrium Inc. announced a $36-billion (U.S.) merger Monday that will create the world's largest fertilizer company, unveiled a growth strategy for a business that the future CEO portrays as a Canadian leader in the resource sector. Story
Open Text bulks up on enterprise content with big Dell deal
Canadian tech stalwart Open Text Corp. has struck a widely anticipated deal to buy its biggest competitor, the enterprise content division of newly merged Dell Technologies Inc., for $1.62-billion (U.S.). It is the Waterloo, Ont.-based firm's biggest purchase in a particularly busy year for deals, and the largest in its 25-year history.
"This acquisition has a strong strategic rationale," said chief executive officer Mark Barrenechea. "It is right in our wheelhouse. We know this space extremely well." The deal was well received by investors, as Open Text stock traded up 9 per cent in trading on Monday. Story
Equitable buying $3.1-billion in mortgage-backed security pools issued by Maple Bank
Toronto-based Equitable Bank has struck an agreement with Canada Mortgage and Housing Corp. to buy $3.1-billion of mortgage-backed security pools issued by Maple Bank GmbH's Toronto branch, months after Canada's top banking regulator seized control of Maple Bank's Canadian assets.
Equitable will assume payments related to the MBS pools in exchange for receiving interest revenue on the underlying mortgages. Story
ON THE MOVE
ETF giant WisdomTree loses Canadian head in quick exit
Only two months after unveiling its first suite of Canadian exchange-traded funds, WisdomTree Investments is already out a country head.
Having built a solid base as one of the top American ETF providers, WisdomTree announced plans in April to launch in Canada, naming Raj Lala, formerly the retail distribution head at Quebec-based asset manager Fiera Capital, as its leader.
Less than six months in, the word is out that Mr. Lala is leaving WisdomTree. The specifics of his departure are unclear. In an e-mail, a spokesperson said Mr. Lala is leaving to "pursue other opportunities," adding that he will stay with the company for the next few months to help with the transition. Story
CPPIB shakes up leadership in alternative investments
The country's largest pension fund said Monday that it would put its infrastructure, real estate and agriculture investment groups together under the banner Real Asset Investments, separate from other private investments. Leading the Real Assets department will be Graeme Eadie, who has been with the fund for more than a decade and had been global head of real estate investments. Story
Canaccord's head of U.S. banking returns after brief departure
Dan Coyne is not done with Canaccord Genuity Group Inc. after all.
The firm's recently departed head of U.S. investment banking is back about two weeks after leaving.
In a memo to staff, Jeff Barlow, president of Canaccord's U.S. operations, announced that Mr. Coyne is returning to his former role. "It was a very challenging decision for him to decide to leave," Mr. Barlow wrote in the memo. Story
IN CASE YOU MISSED IT
Tim Kiladze: Agrium and Potash Corp.'s megamerger spells confusion. Story