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2013-05-09 - San Francisco–based hedge fund business Conifer Fund Services is creating as many as 120 jobs in Nova Scotia. Jack McDonald, president and CEO of The Conifer Group said "Halifax will become a key centre for hedge fund administration because it has a highly educated and skilled labour force, low staff turnover, and a high quality of life." Conifer is working with the province's universities and Nova Scotia Community College to employ new graduates.
2012-11-05 - Wells Fargo added 25 bankers in Canada as the bank makes the country its top priority for international expansion, said Richard Yorke, who leads the lender's international group. "The Canada strategy is clearly a part of our overall international strategy, and the strategy is focused around leveraging the American nexus, our capabilities and customer base in the U.S.," Yorke said. Wells Fargo received Canadian government approval in September to provide commercial and corporate banking in the country, adding to the bank's existing equipment financing and capital finance operations in Canada. The company plans to add an additional 20 employees within a year.
2012-09-12 - Pershing announced the membership of Pershing Securities Canada, its new Canadian affiliate, with the TSX. Pershing says it will be rolling out its custody, clearing and execution services to Canadian advisors and broker-dealers later in 2012. Pershing Canada says it has successfully completed its initial testing and has planned a phased launch that will start with its first client being brought onto the platform in the fourth quarter of 2012. Pershing Canada plans to first offer its solutions to institutional firms that are IIROC members, followed by retail-oriented IIROC members. In addition, Pershing is planning the development of a new office in Toronto.
2012-07-10 - BNY Mellon is pushing for new business in Eastern Canada. To that end, BNY Trust Company of Canada has hired Brad Foley as VP and business development officer for the region, which includes Ontario, Quebec and the Maritimes. He will be responsible for "increasing the company's sales coverage" throughout the region, according to a statement. Foley, who was most recently an assistant VP of business development for Computershare Trust Company of Canada, will be based in Toronto.
2012-04-10 - Canada's banks are collectively the soundest in the world, according to Moody's Investors Service, which recommended the financial institutions to jittery global investors. The agency rated all of Canada's big banks at double-A2 or better, higher than bank rankings in the U.S., Europe, the Asia-Pacific region and other areas of the world. Canada's big banks also posted good results in the first quarter of 2012, the agency noted. "The combination of strong underlying credit fundamentals, a prudent regulatory environment, sound government fiscal management policies, and a more stable real estate market have all contributed to the superior standing of Canada's banks," senior director Allerton Smith said in the report.
2012-02-07 - The gap between healthy banks and those that remain in the doldrums will fuel acquisition activity in the coming years, a Virginia investment management firm predicts. FJ Capital Management published an updated version of a 2011 white paper that argues an M&A wave is coming, even though the activity last year was a letdown. In 2011, 159 open-bank deals were announced, down from 175 in 2010. The rebound could even eclipse 1994, a blockbuster year for M&A following the economic downturn of the late 1980s and early 1990s. That year 526 deals were announced.
2011-12-01 - Canada's economic, fiscal and financial strengths are helping to increase business investment in the country, Finance Minister Jim Flaherty said. Flaherty said that Canada’s strong economic fundamentals, sound fiscal management and well-supervised financial sector support increasing business investment. Flaherty cited international recognition of Canada’s financial sector leadership, noting that for four consecutive years the World Economic Forum has rated Canada’s banking system as the world’s soundest.
2011-08-22 - Canadian financial institutions are well represented in the latest ranking of the World’s 50 Safest Banks. Global Finance’s 20th annual ranking includes six Canadian financial institutions with winners selected through an evaluation of long-term credit ratings — from Moody’s, Standard & Poor’s and Fitch — and total assets of the 500 largest banks worldwide. Royal Bank of Canada leads the pack with the 11th spot, Toronto Dominion Bank is ranked 13th, Bank of Nova Scotia 18th, Caisse Centrale Desjardins 20th, Bank of Montreal 30th, and CIBC 31st.
2011-08-14 - Bank of America agreed to sell an approximately $8.6 billion Canadian card unit to Toronto-Dominion Bank and exit U.K. and Irish card markets as the firm limits international consumer lending. TD will pay $7.6 billion for Bank of America’s MBNA Canada unit and assume about $1.1 billion in liabilities. Bank of America’s portfolios in the U.K. and Ireland have a combined $19 billion in credit card loans and more than 4,000 employees, the bank said.
2011-07-05 - As Canadian hedge fund managers grab the attention of global investors, many are setting up offshore investment vehicles to capture the new money, reports The Wall Street Journal. The offshore products allow non-Canadians to invest in Canadian funds without being subject to a 25% tax on dividends. The heightened interest from foreign investors will likely give a boost to the $9 billion Canadian hedge fund industry. To global investors, Canadian funds, many of which invest in mining and resource businesses, represent a way to tap the commodity rally driven by growing emerging markets.
2011-06-26 - A new wave of investment groups is flooding the ETF market in Canada; Vanguard Group and PowerShares are joining First Asset Capital in offering ETFs in Canada. BMO Western Canada ETF head Mark Webster, responding to Vanguard's announcement, said: "Obviously it's a huge competitor, but the reality is that when you have somebody of that stature coming into the Canadian marketplace, it's going to attract a lot of attention to the ETF world, and all the participants are going to be beneficiaries."
2011-06-26 - Reuters reports that bank M&A in Asia is set to accelerate as small and inefficient lenders in the region look to attain scale and drive shareholder returns. In addition, cross-border deal activity will likely be limited by the foreign ownership restrictions in many countries in the region with an estimated $16 billion worth of live or planned deals between banks, bankers say. Overall, dealmaking in Asia grew at a healthy pace in the first half of 2011, driven largely by the material and industrial sectors and showing buyers were unfazed by slowing economic growth in China and India and rising interest rates in many parts of Asia.
2011-06-23 - U.S. Bank announced the Canadian launch of its Payment Plus tool, which replaces traditional payment methods with cardless accounts that use dynamic credit adjustment, single use accounts or straight-through processing to pay vendor invoices.
2011-06-20 - Kansas City-based DST Systems Inc. has bought Subserveo Inc., a broker-dealer and investment adviser firm in Vancouver. Subserveo's systems allow compliance officers and branch managers to conduct automated oversight of daily trading activity and the suitability of investments for customers.
2011-06-06 - Pennsylvania-based investment management company Vanguard is expanding in Canada with the creation of Vanguard Investments Canada. The firm's focus will be to offer investment products to Canadian investors through investment advisors. The Canadian operation will have its head office in Toronto.
2011-06-05 - A trade, tourism and investment trip in China led by Calgary Economic Development, as well as Tourism Calgary, generated a commitment from Industrial and Commercial Bank of China (ICBC), the country's biggest bank, to open a branch in Calgary. The bank does a lot work for oil companies and has a market capitalization of more than $250 billion.
2011-05-31 - U.S. private equity firms are increasingly eager to buy assets in Canada, an RBC investment banker says. "I would say the M&A business right now is pretty robust in Canada," said Alan Hibben, a managing director for M&As at Royal Bank of Canada. Hibben said Canadian M&A activity also has been driven by healthy corporate balance sheets and a debt market nearly as open as it was before the U.S. credit crisis.
2011-05-17 - Shareholders of Marshall & Ilsley (M&I) approved selling the Milwaukee-based company to BMO Financial. The closing remains subject to customary closing conditions, including regulatory approvals, M&I said. The $4 billion deal is expected to close by July 2011.
2011-05-09 - Canadian banks have been widely recognized as the strongest in the industry, said a feature in Bloomberg Markets magazine. Five of the Big Six have made it into its list of the world's 20 best capitalized banks, with National Bank of Canada earning the best score of its Canadian peers, ending up at the number three spot. National is followed by CIBC in fourth spot and TD at 12. Next comes RBC (17) with BMO at 19th.
2011-05-08 - Toronto has leapt into the number two spot in a ranking of 26 centres of global business and finance. In its "Cities of Opportunity" analysis, PwC ranked cities in 10 categories, to favour "holistic capital market centres with vibrant economies and strong quality of life." Toronto ranks particularly highly in two of the categories most closely correlated with global competitiveness: intellectual capital & innovation (2nd) and health, safety & security (2nd). Toronto is also ranked among the top ten global financial centres by Britain's influential financial magazine, The Banker.
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