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TD Bank Group completes acquisition of Epoch Holding

Canada's TD Bank Group has completed the acquisition of Epoch Holding Corporation and its wholly-owned subsidiary Epoch Investment Partners, which will boost its North American investment management footprint.

Financial terms of the transaction have not been disclosed.

The acquisition, which marks a major milestone in TD’s North American Wealth strategy, has provided the Canadian lender with additional $25.9bn in assets under management, while gaining Epoch’s US and global equities expertise and capabilities.

TD Bank Group wealth management, insurance and corporate group head Mike Pedersen said, "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," Pedersen added.

Following the completion of the transaction, Epoch Holding will retain its brand name and operating structure and continue to operate and serve its clients.

TD Asset Management chief executive officer and senior vice president Tim Wiggan commented, "Bringing together TD’s client-centric approach and Epoch’s expertise in U.S. and global equities will benefit both organizations in the future."

As a result of the transaction, TD’s Basel III Common Equity Tier 1 ratio is likely to decrease by nearly 25 basis points on a pro forma basis as at TD’s last quarter ending 31 January 2013.

Serving almost 22 million customers in four key businesses, the Toronto-Dominion Bank had $818bn in assets as on 31 January 2013.