TMX in China

Toronto-based TMX Group Inc. opened an office for the Toronto Stock Exchange and TSX Venture Exchange in Beijing on Nov. 14. Federal Finance Minister Jim Flaherty was present for the office’s opening ceremony. With the opening of this office in China, TMX will advance Canada’s capital markets and its equities exchanges. The office will also improve services for existing and new clients in China. This event follows the opening of a TMX office in London earlier this year, and is part of TMX’s objective of raising its international profile and presence.

Acquisition complete

B2B Trust has completed its acquisition of M.R.S Trust Co. and M.R.S Inc. (MRS Cos.), both of which are headquartered in Toronto. B2B Trust currently serves 22,000 financial advisors in Canada. At closing, the acquisition price was $199 million, which was based on shareholders’ equity of $149 million and a premium of $50 million. B2B is a subsidiary of Montreal-based Laurentian Bank of Canada. MRS Cos. had been part of Toronto-based Mackenzie Financial Corp. The integration strategy for the acquisition will be outlined to advisors and clients in the coming months.

Manulife in Asia

Toronto-based Manulife Financial Corp. has received “approval in principle” from Cambodia’s Ministry of Economy and Finance to open a wholly foreign-owned life insurance operation in Cambodia. This expansion will mark Manulife’s 11th territory in Asia. As part of the agreement, Manulife will assist Cambodia’s government in developing the insurance profession in that country. The new operation’s head office will be located in Phnom Penh.

New partnership

Sarona Asset Management Inc., based in Waterloo, Ont., and New York City-based Deer Isle Capital LLC are now partners. As part of the agreement, Deer Isle will represent Sarona’s offerings in North America. Deer Isle is an advisory firm that focuses on emerging markets. Since 2007, Deer Isle has advised on or raised more than $5 billion in international assets. Sarona is a private-equity investor and a co-founder and portfolio manager of several investment funds, with more than $180 million in assets under management in emerging and developing markets.

Compiled by Fiona Collie
(fcollie@investmentexecutive.com).