Toronto-Dominion Bank agreed to acquire Greystone Capital Management Inc. in a push to become the largest Canadian money manager.
Greystone shareholders will receive cash and stock for a net purchase price of C$792 million ($603 million), according to a Tuesday statement. The purchase, if approved, would boost TD's asset management unit by C$36 billion in assets under management, making it the nation's largest, the bank said.
Amid growing consolidation in the money management industry, the move would bring TD's total to about C$393 billion under management. Greystone will take on the name TD Greystone Asset Management while continuing to operate out of Regina, Saskatchewan.
"Greystone's high quality team will bring its strengths in fixed income, equities and real asset investing," TD Asset Management Chief Executive Officer Bruce Cooper said in the statement.
Under the proposed deal, Greystone shareholders would receive 30% to 50% of the net purchase price in TD common shares, with the remainder in cash.
