Toronto-Dominion Bank (TD) announced on Thursday that it has completed the acquisition of Regina-based Greystone Capital Management Inc., the parent company of institutional money manager Greystone Managed Investments Inc.
The deal, which was announced in July for approximately $792 million in stock and cash, adds more than $35 billion in assets under management as of Sept. 30 to TD Asset Management (TDAM). TD says in a statement announcing the completion of the acquisition that TDAM now is the biggest money manager in Canada.
“Greystone’s real asset expertise and innovative suite of investment solutions perfectly complement TDAM’s award-winning portfolio management capabilities,” said Leo Salom, group head, wealth management and TD Insurance, at TD, in a statement. “Uniting our organizations will allow us to deliver a unique and powerful value proposition to clients while continuing to grow TD’s wealth business across Canada.”
Greystone will operate as TD Greystone Asset Management with offices in Regina, Winnipeg, Toronto and Hong Kong.