Toronto-Dominion Bank said on Tuesday that it will buy
Greystone Managed Investments for around
$792 million (CDN) in stock and cash.
The Company stated that with this addition to its portfolio, total assets under management will be $393 billion, making TD Asset Management the largest money manager in Canada.
Greystone shareholders will receive 30% of the purchase price in TD common shares and the remainder will be payable in cash. It will rebrand as
TD Greystone and continue to operate out of Regina, Saskatchewan. The transaction is expected to close in the second half of 2018.
Canada’s asset management sector is in a
consolidation phase. Under this arms race, private firms are being gathered up. In March 2018, the Bank of Nova Scotia bought Montreal-based investment firm Jarislowsky Fraser for
$950 million.