TD sells European Direct Investing business

TD Bank Group is selling its European direct investing business to Interactive Investor in a move that will create the second-largest online broker in the U.K.

The new company will have 300,000 clients with more than £18 billion (CA$29.14 billion) in assets under administration.

Read: Make sure great employees have purpose

“With this transaction, we will remain focused on our core areas of growth in North America,” says Leo Salom, executive vice president, TD Wealth. “We [have] an ambitious agenda to expand our wealth franchise, which currently serves 2.2 million clients and has more than $700 billion in client assets across Canada and the U.S.”

Interactive Investments is financing the deal with money from investment funds advised by J.C. Flowers & Co. Once the deal is completed, those investment funds will be majority shareholders of the combined company.

The deal is subject to regulatory approval, and is expected to close in the first quarter of 2017. There will be no immediate change for the customers of either company.

Also read: Stock exchange merger sparks anti-trust probe Canaccord putting $60M into recruiting advisors

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.