TD Bank Group (TSX:TD) Wednesday completed the previously announced acquisition of Epoch Holding Corp. and its subsidiary Epoch Investment Partners, Inc., significantly expanding the bank’s North American investment management footprint.
TD announced the deal to buy the U.S.-based money manager for US$668 million in cash in December 2012.
“The acquisition of Epoch strengthens our U.S. business and also expands our offering for our institutional and retail clients in Canada. Their prudent approach to risk management and commitment to meeting the needs of their clients aligns well with our business,” said Mike Pedersen, group head, wealth management, insurance and corporate shared services, TD Bank Group.
“We have long been committed to building a world-class asset management firm, and this transaction adds resources which will enable Epoch to continue to attract top investment management talent while maintaining our brand name and operating structure,” said William Priest, CEO, Epoch Investment Partners.
With this transaction, TD expects to add approximately US$25.9 billion in assets under management at closing to the $211 billion already under management by TD Asset Management.
Headquartered in New York City, Epoch will continue to operate and serve its clients under its current brand name and operating structure.