MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, January 22, 2004 Parent Takes TD Waterhouse Off the Auction Block Toronto Dominion Bank is taking its TD Waterhouse brokerage unit off the market according to a Reuters report. The decision comes after the Canadian bank saw negotiations with a number of possible buyers including E*Trade, Ameritrade and Charles Schwab Corp. stall. "What we intend to do is to keep that asset and to aggressively grow that asset," TD Chief Executive Ed Clark told attendees of a financial services conference in Toronto according to the news service. "I would say the door is closed." TD Bank was unable to find a buyer for the brokerage operation that shared its vision, a key factor in a deal that would have left the bank with a substantial minority interest. "There was a point where we just disagreed because, in fact, from (E-Trade's) point of view we were asking for too much control, and from our point of view ... we had to protect our investment," said Clark. Printed from: MFWire.com/story.asp?s=6525 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |