TD Bank Group had agreed to acquire Epoch Holding Corporation—including its subsidiary Epoch Investment Partners Inc.—for $668 million in cash, TD company officials announced today.
TD Bank Group officials say the acquisition will add about $24 billion to the $207 billion under management by TD Asset Management, according to the Toronto-based bank. Epoch will continue to operate and serve clients under its current brand name and operating structure.
Epoch Holding Corp. shareholders will receive $28 per share, representing a premium of about 28 percent to Epoch's closing price on Wednesday.
Mike Pedersen, head of wealth management, insurance and corporate shared services for TD, said the company had been looking to acquire a U.S. asset management firm to build its North American wealth business. "This acquisition makes strategic sense for TD," Pedersen said in a statement. "It will broaden our offer for institutional and retail clients in Canada and will immediately and significantly strengthen our U.S. wealth business."
New York-based Epoch is an asset management firm with 65 employees. Its asset management team has an average of over 20 years of investment management experience.
Epoch Holding’s board of directors has unanimously recommended this transaction to their shareholders for approval. Members of Epoch Holding Corporation's management team and board of directors currently hold about 28 per cent of the company's outstanding shares.