TD acquires English brokerage

Article Abstract:

Toronto-Dominion Bank (TD) has bought Gall & Eke Ltd., a Manchester, UK-based privately owned regional discount brokerage, for around C$20 million. The acquisition will help boost Green Line Investor Services, TD's discount brokerage division based in London, UK. The 60-employee Gall & Eke manages around 20,000 active accounts with around 500 trades a day. Aside from being Canada's biggest discount brokerage operator, Green Line ranks No. 2 in the world after Charles Schwabb & Co. Inc. Green Line is also looking into other opportunities, such as further expansions into Japan and Europe.

Comment:

Buys Gall & Eke Ltd, a Manchester, UK-based privately owned regional discount brokerage, for around C$20 mil

United Kingdom, Commercial Banks, Commercial Banking, Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Securities Brokerage, Stockbrokers, Article, Toronto-Dominion Bank, Gall and Eke Ltd.

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Pension funds slam budget's trust cap

Article Abstract:

Canada's pension and brokerage industry criticized Ottawa in March 2004 over a provision in the federal budget to limit the amount that pension funds can invest in income trusts. Officials believe the rule is discriminatory since it applies only to 'business' trusts and not to real estate investment trusts (REITs) and resource royalty trusts.

Legal issues & crime, Government regulation (cont), Forecasts, trends, outlooks, Government regulation, Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Legal/Government Regulation, Retirement Benefits, Laws, regulations and rules, Forecasts and trends, Market trend/market analysis

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