(November 6 – 11:15 ET) – TD Securities Inc. confirms that it is in talks to acquire Newcrest Capital Inc. TDSI and Newcrest have both confirmed that they are in discussions to combine their investment banking and institutional equities operations.

The talks show just how rapidly the Canadian securities business is evolving. Newcrest was created by a small group of top-notch traders and investment bankers just a couple of years ago.

They set up the firm to escape the constriction of working in bank-owned brokerages. Newcrest quickly grabbed a decent share of trading business and an impressive profile in underwriting deals, given its size. The fact that the company is looking to sellout demonstrates how tough competition has become, particularly from dealers in the United States.

TDSI says the companies will make further announcements when, and if, any new developments occur.
-IE Staff