TD to acquire Epoch Investment Partners
Epoch Investment Partners is to be acquired by TD Bank Group for approximately USD668m in an all-cash transaction.
Epoch Holding Corporation shareholders will receive USD28.00 in cash per share, representing a premium of approximately 28 per cent to Epoch's closing price on 5 December 2012.
"We've been looking for an opportunity to acquire a US asset manager to build our North American wealth business, which is a key growth area for TD," says Mike Pedersen, group head, wealth management, insurance and corporate shared services, TD. "This acquisition makes strategic sense for TD. It will broaden our offer for institutional and retail clients in Canada and will immediately and significantly strengthen our US wealth business."
Epoch is an asset management firm with an excellent record of investment performance and a strong and experienced management team. Epoch's investment strategies have exceeded their performance benchmarks over the past five years. Founded in 2004 and headquartered in New York City, Epoch has 65 employees.
"Epoch is pleased to be joining forces with TD, whose financial strength will enhance our competitive advantage as we continue to deepen and expand our capabilities," says William W Priest (pictured), chief executive, Epoch Investment Partners. "We are confident that this transaction will strengthen Epoch's existing franchise and further support our client focused efforts. Our investment management philosophy aligns with TD's long-term strategy. This transaction allows us to combine Epoch's US and global equities expertise with TD's client-centric approach."
Epoch Holding Corporation's board of directors has unanimously recommended this transaction to their shareholders for approval.
With this transaction, TD expects to add approximately USD24bn in assets under management at closing to the USD207bn already under management by TD Asset Management. Following the completion of the transaction, Epoch will continue to operate and serve clients under its current brand name and operating structure.
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