(July 26 – 11:45 ET) – In its latest report on the Canadian banks, Merrill Lynch lauds the appointment of former finance minister Michael Wilson to head RT Capital Management Inc.
Last week Wilson, a vice chairman at RBC Dominion Securities Inc., was tipped to succeed Tim Griffin as president and CEO of RT Capital. Griffin resigned in the wake of RT Capital’s settlement with the Ontario Securities Commission in a stock manipulation scandal.
Merrill, which had one of its traders hit with a fine and suspension from the Toronto Stock Exchange as a result of the scandal, treats the situation gently, saying, “Amidst the unfortunate public relations impact of the OSC investigation into certain activities of some [RT] investment managers in recent weeks, we feel Royal Bank has taken decisive action in appointing [Wilson], to head the beleaguered investment counselor. We view this as a positive move adding significant scope for a credibility lift at a difficult time.”
-IE Staff