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GMP Capital’s sale to Stifel Financial marks the end of an era on Bay Street
December 6, 2019 | The Globe and Mail | ANDREW WILLIS.

On Friday, the GMP era effectively came to an end. U.S. investment bank Stifel Financial Corp. closed its purchase of the Toronto-based brokerage for about $65-million, and plans to rename it..........GMP started out as a partnership and later became a public company that was always far smaller than global dealers, and firms that Canadian banks started acquiring in the late 1980s.
For Canada’s financial community, saying goodbye to GMP means closing the door on a way of doing business, a lucrative and often colourful approach to deal-making. GMP brought together capital-starved entrepreneurs and deep-pocketed fund managers. The partners put up their own cash – mortgaging homes or draining savings – to fund the operation. GMP was the first to raise money for businesses that became some of Canada’s best known, such as Blackberry Ltd., Birchcliff Energy Ltd., Canopy Growth Corp. and Goldcorp Inc. It is also a major trader in their shares......In extremely simple terms, independent firms such as GMP run on relationships and ideas. Larger rivals are creatures of process and scale. The biggest players have now come to dominate capital markets........the four Day 1 GMP partners: the late Brad Griffiths, mining financier Gene McBurney, trader Mike Wekerle, now a venture capitalist and reality TV star, and salesman-turned-CEO Kevin Sullivan......The new model for independent dealers in Canada is to be small and nimble, or focus on wealth management. The model that worked so well at GMP – using commissions from stock trading to cover day-to-day costs, and taking the lucrative fees from advisory work as profits – doesn’t work when brokerage houses offer to trade stocks for free. GMP’s run is unlikely to be matched.
Andrew_Willis  Bay_Street  boutiques  brokerage_houses  compensation  deal-making  exits  farewells  GMP  investment_banking  nimbleness 
11 weeks ago by jerryking
Canada’s missed opportunity: Pot industry now being run out of the U.S.
JULY 3, 2019 | The Globe and Mail | by ANDREW WILLIS.

With Bruce Linton’s firing, it’s now all too clear that the biggest companies in Canadian cannabis are run out of New York and the state of Washington. An industry that this country seemed destined to lead when the federal Liberals legalized recreational cannabis last October 2018, is increasingly dominated by foreigners. ...... The opportunity to create global cannabis champions, based in Canada, appears to be vanishing. There should be a conversation around that issue, in political and business circles, before the biggest head offices all disappear... Linton ...lost his job because his visionary approach for Canopy Growth Corp. didn’t fit with the predictable, quarter-by-quarter profits demanded by Constellation Brands Inc....Linton’s departure is similar to what has played out at many startups that get sold to multinational companies. .....Even when we brought Constellation's $5-billion in, I knew, from that change of structure, there would likely be implications for management, but it was the right thing to do for the company.”... our entrepreneurs tend to sell successful startups at a relatively early stage, compared to jurisdictions such as the U.S. and Asia. . The trend, now happening even more rapidly in the cannabis sector, cuts into the potential future prosperity of this country......a study last year from the Washington-based Brookings Institution and the Martin Prosperity Institute at the University of Toronto’s Rotman School of Business – scaling up successful domestic businesses is essential to creating wealth and producing the next generation of corporate leaders. Canadians need to do better at turning their own companies into global champions. Silicon Valley generates enormous wealth out of a vibrant tech community. Why can’t Leamington, Ont., or Nanaimo, B.C., aspire to do the same in cannabis?..Canadian cannabis companies were created by government policy..... federal and provincial regulators granted the licences needed to grow and distribute their products – and local capital markets were receptive to financing them...CEOs, boards and domestic politicians should be asking if the country is best served by a laissez-faire approach to cannabis that created vibrant, valuable businesses following legalization in 2018, then quickly began handing over control of the sector....
Andrew_Willis  Bay_Street  Brookings  cannabis  Canopy_Growth  CEOs  Constellation_Brands  crossborder  departures  firings  global_champions  head_offices  home_grown  industrial_policies  Martin_Prosperity_Institute  missed_opportunities  sellout_culture 
july 2019 by jerryking
Toronto investment bank Infor prepares for wave of corporate credit restructurings -
February 17, 2019 | The Globe and Mail | by ANDREW WILLIS.

Infor was founded in 2015 and focuses on providing merger and acquisition and financing advice to growth companies in the mining, financial services, cannabis and technology sectors. The employee-owned firm is home to two dozen bankers and has advised on 1,800 transactions valued at $250-billion. Chief executive officer Neil Selfe said the decision to move into restructuring reflects a view that a downturn is overdue in credit markets.

“We believe the current economy cycle, bolstered by extended periods of low interest rates and excess leverage, is in its final stages and a substantial corporate restructuring pandemic is nearing,” Mr. Selfe said. Infor is well positioned to advise distressed borrowers, he said, because “as the largest providers of debt, Canadian banks are conflicted in helping corporations navigate this environment.”
Andrew_Willis  Bay_Street  bow_wave  distressed_debt  hiring  Infor  investment_banking  preparation  restructurings 
february 2019 by jerryking
Former finance minister, ambassador and businessman Michael Wilson dies at 81 - The Globe and Mail
TIM KILADZE AND ERIC ANDREW-GEE
PUBLISHED FEBRUARY 10, 2019

Michael Wilson, a former federal finance minister and stalwart of Canadian business who overcame personal tragedy in later life to become an advocate for mental-health support, has died at 81.

Under prime minister Brian Mulroney, Mr. Wilson helped negotiate the North American free-trade agreement and brought in the federal goods and services tax, initiatives that were controversial at the time, but have survived to become pillars of federal policy......Mr. Wilson went on to have a laurelled career after politics as Canadian ambassador to the United States in the late 2000s and then chancellor of the University of Toronto from 2012 until 2018....He was also a veteran investment banker with a career in finance that spanned more than half a century and included senior roles at UBS Canada, Royal Bank of Canada and, most recently, Barclays Capital Canada.

But, of late, he was perhaps best known for his dedication to raising awareness of mental-health issues after his son Cameron died by suicide in 1995, at the age of 29​. That work included serving as chair of the Mental Health Commission of Canada for the past four years......Anthony Fell was Mr. Wilson’s boss as CEO of RBC Dominion Securities when Mr. Wilson was a partner in the investment bank, before entering federal politics. The two stayed close friends.

“It’s been said that one of the best thing you can leave behind is a sterling reputation for integrity and for making a positive difference in peoples’ lives, and this Michael Wilson has done throughout his life, in very full measure,” Mr. Fell said on Sunday.
Canada  Canadian  crossborder  Bay_Street  FTA  GST  investment_banking  leaders  mental_health  Michael_Wilson  NAFTA  obituaries  politicians  Progressive_Conservatives  RBC  UBS  UCC  uToronto  public_service  Tim_Kiladze 
february 2019 by jerryking
Air Canada CEO Calin Rovinescu’s hardball tactics benefit everyone but Aimia - The Globe and Mail
ANDREW WILLIS
PUBLISHED 3 DAYS AGO

Mr. Rovinescu, whose career includes stints as a lawyer and investment banker along with an investor-friendly flight at the helm of Air Canada, can take credit for launching Aimia as a public company back in 2005. Air Canada’s CEO also pulled the rug out from under Aimia, setting the stage for this takeover, by announcing in May, 2017, that the airline planned to end its relationship and start its own loyalty program when its contract expires in 2020. That announcement knocked back Aimia’s stock price by more than 50 per cent, and shares have never recovered.

Air Canada’s decision to spin out Aimia, along with the airline’s maintenance business and regional carrier, amounted to inspired financial engineering. The offerings brought in the cash needed to spruce up the fleet with fuel-efficient jets and pay down debt. It’s fair to say these deals set the stage for Air Canada’s stunning stock-price performance on Mr. Rovinescu’s watch.

The decision to buy back Aimia is also strategically and financially sound. Loyalty programs and the data they generate are valuable assets for airlines and credit-card companies. Along with Air Canada, this takeover is backed by Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Visa Canada Corp. The consortium leaves long-time Aeroplan partner American Express on the outside looking in........Air Canada sold high on Aimia, then knocked the stuffing out of the company by ending its partnership. Now, the airline is buying low. Long-time Aimia shareholders will emerge from this journey badly bruised. But Mr. Rovinescu’s tactics are good business.

Students of corporate deal-making may recall how TD Bank, a member of the Aimia takeover consortium, played capital markets to its advantage. In 1999, the bank raised $1.5-billion by spinning off a stake in its discount brokerage division, TD Waterhouse. The move gave TD Bank the capital it needed to buy Canada Trust the following year, a transformative deal.

By 2001, the dot-com bubble had burst, taking with it the premium valuation on discount brokerages. The parent bank bought back TD Waterhouse for a fraction of the price it had sold shares for, just two years earlier. TD Waterhouse shareholders complained, but at the end of the day, they sold. TD Bank’s bosses came out of the experience with a stronger company and burnished reputations.
Aeroplan  Aimia  Air_Canada  Andrew_Willis  Bay_Street  Calin_Rovinescu  CEOs  credit_cards  deal-making  dealmakers  loyalty_management  offensive_tactics  hardball  financial_engineering  transformational 
july 2018 by jerryking
My top 5 investing lessons after 30 years as an economist
September 25th | The Globe and Mail | DAVID ROSENBERG.

After 30 years of experience as a Street economist, you pick up a lot of learning lessons – especially from the mistakes made along the way. Here are my top five below:

* Don’t put all your eggs in one basket (concentrated portfolios but diversified geographically and across the asset classes);
* There is no such thing as a sure thing (the forecast is just a base case across a continuum of possibilities across a distribution curve);
* Marry your partner, not your forecast – it may not love you back (what gets economists into trouble is lack of humility; admitting you’re wrong is never easy);
* If you don’t have a Plan B, you don’t have a plan. If you are wrong, it is imperative to know in what direction – and delineate the new course of action;
* Anything that can’t last forever, won’t last forever.
concentration_risk  economists  investing  lessons_learned  Plan_B  diversification  Bay_Street  Wall_Street  market_corrections  bear_markets  mistakes  forecasting  economic_cycles  beyondtheU.S.  Gluskin_Sheff  David_Rosenberg  probabilities  humility  contingency_planning  never_forever  asset_classes 
september 2017 by jerryking
Toronto's Air Canada Centre to be renamed Scotiabank Arena in $800-million deal
August 29, 2017 | The Globe and Mail | SUSAN KRASHINSKY ROBERTSON , JAMES BRADSHAW AND JEFF GRAY.

Toronto's Air Canada Centre (ACC) is being renamed Scotiabank Arena in an $800-million deal over 20 years that marks one of the biggest investments in naming rights in North America.

The agreement announced on Tuesday by Bank of Nova Scotia and Maple Leaf Sports and Entertainment Ltd. (MLSE) is 10 times the annual $4-million Air Canada paid to attach its name to the home of the Toronto Maple Leafs, the Toronto Raptors and a number of A-list concerts and other events. Other recent naming deals for coveted sports venues in the United States have gone for significantly less. Last year, the NBA's Golden State Warriors agreed to name its new arena the Chase Centre, in a deal with JPMorgan Chase estimated at more than $300-million (U.S.) for 20 years, the largest at the time.

The play is Scotiabank's latest move to market itself as "Canada's hockey bank." Scotiabank sponsors community hockey clubs across the country, all seven Canadian NHL teams, and is the official bank of the NHL. To allow another company or even another bank to take top billing at one of Canada's premier venues would be to risk giving up Scotiabank's dominant position as a sponsor of hockey in Canada......The deal is also a representation of a boom in sponsorship spending in general, as marketers struggle to find new ways to reach consumers in an increasingly cluttered media environment.

Companies spent $1.98-billion on sponsorship fees in Canada last year, according to the most recent Canadian Sponsorship Landscape Study, conducted by Ohio University professor Norm O'Reilly in association with sports marketing firm T1. And "activations" that make people aware of those sponsorships, such as advertising, promotions and events, accounted for roughly another $1-billion. Those numbers have doubled in the past 10 years, according to the research.

Such deals are particularly important for what's known as "earned media" exposure – as opposed to "paid media" such as ads – because they mean that the sponsor's brand is baked in to coverage of everything happening at the venue. Media include the name in their coverage of teams and big-ticket matches; the brand appears in TV images of major events through permanent ads in and around the venues; on digital properties associated with bookings there; and the buildings themselves act as giant billboards. Contrast that with a media environment in which consumers are bombarded with digital, outdoor, print and broadcast ads, seemingly at every turn......MLSE will also benefit from Scotiabank's efforts to use digital and mobile technologies to communicate with the bank's customers – using its insights to connect to fans both at the rink and watching at home, Mr. Hopkinson said. The bank can also give MLSE access to its analytics team to assist in crunching large sets of data to better understand hockey fans, Mr. Doig said, and the deal will give MLSE a window into Scotiabank's Scene loyalty program, which has more than eight million members. Many of those are young people that the NHL has an interest in courting as future fans.
10x  Susan_Krashinsky  Jeff_Gray  MLSE  sports  naming  Scotiabank  Bay_Street  sponsorships  arenas  earned_media  paid_media 
august 2017 by jerryking
Canada's big banks are no angels, but have any laws been broken? - The Globe and Mail
BARRIE MCKENNA
OTTAWA — The Globe and Mail
Published Friday, Mar. 17, 2017

Media reports high-pressure sales tactics at Toronto-Dominion Bank and other Canadian financial institutions. Stories of tellers signing up customers to high-fee accounts and credit cards without their knowledge. Loan officers pushing clients to take on lines of credit they don’t want or need. And financial advisers selling unsuitable mutual funds to vulnerable investors. Sleazy behaviour, if true. Perhaps even illegal. The Financial Consumer Agency of Canada this week warned banks to behave and launched a review of their consent and disclosure practices. .......The big banks are no angels. But what’s happening here looks a lot more like a labour-relations feud than a financial scandal. Employees are rebelling against a cutthroat sales culture that has permeated the once-staid retail operations of the big banks.

The workplace environment at TD and other major banks may well be toxic for many employees, who feel unduly stressed about meeting aggressive sales goals.
Canada  banks  Bay_Street  financial_services  toxic_behaviors  predatory_practices  regulators  organizational_culture  workplaces  disclosure  complaints  consent  consumer_protection  sleaze  Barrie_McKenna 
march 2017 by jerryking
Legendary Canadian banker Cedric Ritchie went from teller to CEO - The Globe and Mail
JENNIFER LEWINGTON
Special to The Globe and Mail
Published Friday, Apr. 08, 2016

With only a high school education, but an eye for detail, an unflagging work ethic and people skills, Cedric Ritchie rose rapidly from branch teller to the most senior jobs in a 50-year career at the Bank of Nova Scotia, expanding its domestic and global footprint.
....From his appointment as president and CEO in 1972 (one of the youngest at age 45) to his retirement as chairman in 1995, Mr. Ritchie oversaw Scotiabank’s expansion into more than 40 countries, especially the Caribbean, Latin America and Asia, growing to 33,000 employees.
Bay_Street  CEOs  obituaries  ScotiaBank  movingonup  banking  people_skills  detail_oriented  work_ethic 
may 2016 by jerryking
The humbling of Valeant’s Michael Pearson - The Globe and Mail
TIM KILADZE
The humbling of Valeant’s Michael Pearson
SUBSCRIBERS ONLY
The Globe and Mail
Published Tuesday, Mar. 22, 2016

What we’re left with: A “Canadian” company we should happily disown, and critical reminders that certain business rules should never be broken. Chief among them: Debt is never a problem until, suddenly, it is; markets will love you until, suddenly, they don’t; and the roll-up game, driven by endless acquisitions, is nearly impossible to sustain.....By slashing R&D spending costs, Mr. Pearson freed up cash flow to buy more companies – whose R&D departments were then gutted to repeat the same trick. To juice earnings, he acquired Ottawa-based Biovail in 2010, which came with a Barbados-based subsidiary. Valeant started ushering U.S. profits to offshore tax domiciles – marking the first-ever pharmaceutical tax inversion and sending its corporate tax rate to the mid-single digits.

To fuel acquisitions, Mr. Pearson borrowed tens of billions of $ of incredibly cheap debt. By mid-2015, Valeant had $31-billion (U.S.) in debt and paid over $1-billion a year in interest.

There were warning signs these bold acts would backfire. Last March, Warren Buffett’s inner circle started to inflict damage. At an investor meeting, Charlie Munger, one of the value investor’s best friends, said he was “holding his nose” by looking at Valeant, adding that the company “wasn’t moral.”

That cautionary message did little to deter two of Valeant’s top investors: the Sequoia Fund – which has ties to Mr. Buffett – and Bill Ackman’s Pershing Square Capital Management. Whatever criticisms were hurled at the drug maker, they stood by it, repeatedly stressing that they believed in Mr. Pearson. Their faith in him seemed nearly biblical. And because they showed resolve, hedge funds kept piling in – momentum investing at its very worst. By the end of June, nearly 100 of them had stakes in the drug maker........One of the best lessons from the global financial crisis was that everything became correlated when the U.S. housing market crashed. The same is true for Valeant. Investigations into its pricing policy made investors worry about revenue; worries about the income statement morphed into fears about balance-sheet debt; leverage woes prevented Valeant from borrowing more to fund future acquisitions.

The cynicism turned investors’ momentum strategy on its head.
Valeant  Bay_Street  CEOs  pharmaceutical_industry  Charlie_Munger  Warren_Buffett  M&A  boards_&_directors_&_governance  correlations  hedge_funds  Pershing_Square  William_Ackman  debt  R&D  cash_flows  roll_ups 
march 2016 by jerryking
The brokerage bust: Why Bay Street will never be the same - The Globe and Mail
NIALL MCGEE
TORONTO The Globe and Mail Last updated: Saturday, Feb. 06, 2016
boutiques  Bay_Street  failure 
february 2016 by jerryking
ETF pioneer Som Seif isn’t afraid of the competition - The Globe and Mail
CLARE O'HARA
TORONTO The Globe and Mail Last updated: Friday, Jan. 08, 2016

Education: Bachelor of Industrial Engineering from the University of Toronto
Best investment decision: “Investing in myself. I’ve always felt more comfortable investing in my future and career and I tell everyone that investing in their own career will always be their best investment.”
Worst investment decision: “Have several ‘lessons’ I have learned, all leading to avoid letting my emotions make my investment decisions.”

Favourite books: “I have lots but two of them are Thinking, Fast and Slow by Daniel Kahneman and The Education of An American Dreamer by Peter G. Peterson.
financial_services  Som_Seif  Bay_Street  books  financiers  entrepreneur  profile  investing  ETFs  Daniel_Kahneman 
january 2016 by jerryking
The costs that come with rising to the top on Bay Street - The Globe and Mail
TIM KILADZE
The costs that come with rising to the top on Bay Street
SUBSCRIBERS ONLY
The Globe and Mail
Published Tuesday, Oct. 13, 2015
Bay_Street  work_life_balance  CEOs  movingonup 
october 2015 by jerryking
Bay Street’s next big struggle: keeping top young talent - The Globe and Mail
TIM KILADZE
Bay Street’s next big struggle: keeping top young talent
SUBSCRIBERS ONLY
The Globe and Mail
Published Tuesday, Sep. 29, 2015
Bay_Street  Silicon_Valley  talent  work_life_balance  investment_banking  war_for_talent  management_consulting 
october 2015 by jerryking
Scotiabank takes tech quest from Bay Street to Silicon Valley - The Globe and Mail
DAVID BERMAN
Scotiabank takes tech quest from Bay Street to Silicon Valley
SUBSCRIBERS ONLY
The Globe and Mail
Published Thursday, Sep. 24, 2015
Bay_Street  fin-tech  Scotiabank  boards_&_directors_&_governance  Silicon_Valley  Andreessen_Horowitz 
october 2015 by jerryking
Can John Thornton save Barrick Gold? - The Globe and Mail
RACHELLE YOUNGLAI
Can John Thornton save Barrick Gold?
SUBSCRIBERS ONLY
The Globe and Mail
Published Friday, May. 29 2015
Barrick  gold  mining  John_Thornton  CEOs  relationships  legacies  Goldman_Sachs  boards_&_directors_&_governance  Bay_Street  Nevada  free_cash_flow 
may 2015 by jerryking
Boards getting better at battling activists - The Globe and Mail
JACQUELINE NELSON
Boards getting better at battling activists
SUBSCRIBERS ONLY
The Globe and Mail
Published Wednesday, May. 13 2015
hedge_funds  Bay_Street  boards_&_directors_&_governance  shareholder_activism 
may 2015 by jerryking
Five things the TD Centre can teach us about how to build Toronto - The Globe and Mail
MARCUS GEE
The Globe and Mail
Published Friday, May. 01 2015,

The TD towers were a radical departure both in scale and in style. The tallest of the original two soared to 56 floors, dominating the skyline like nothing before or since. Rising from its six-acre site at King and Bay, it was everything the old buildings around it were not. While they featured arched windows and gargoyles, Greek columns and bronze roofs, the design of the TD Centre was all austerity and simplicity.

It is just this sort of future that the creators of the TD Centre had in mind when they hired one of the era’s most renowned architects to build them something outstanding. The architect was Ludwig Mies van der Rohe (1886-1969), the Chicago-based German émigré who liked to say that “less is more.” He referred to his works as “skin-and-bones” architecture, and his unadorned steel-and-glass boxes were meant to reflect the spirit of a modern technological era.

It took ambition and foresight to pull off something as bold as the TD Centre. It meant thinking about what the city would become instead of just coping with what it was. Those qualities sometimes seem lacking in today’s Toronto. There are still things we can learn from those dark towers.

First, don’t be afraid of tall buildings.
Second, investing in quality pays.
Third, maintain what you have.
Fourth, pay attention to details.
Finally, always think about the future. Toronto, and Canada, were in a risk-taking frame of mind when the first tower took shape. Expo 67, the wildly successful world’s fair, was under way in Montreal. The striking new Toronto City Hall by Finnish architect Viljo Revell had opened two years earlier.
'60s  ambitions  architecture  boldness  foresight  history  lessons_learned  Marcus_Gee  skyscrapers  Bay_Street  TD_Bank  Toronto  design  forward_looking  PATH  detail_oriented  minimalism  quality  Expo_67  risk-taking  mindsets  pay_attention 
may 2015 by jerryking
Leading Bay Street banker opens new boutique dealer - The Globe and Mail
TIM KILADZE
Leading Bay Street banker opens new boutique dealer
SUBSCRIBERS ONLY
The Globe and Mail
Published Monday, Apr. 06 2015
boutiques  Bay_Street  investment_banking  Infor  GMP 
april 2015 by jerryking
Breaking down HBC’s big deal – and why it matters - The Globe and Mail
TIM KILADZE
Breaking down HBC’s big deal – and why it matters
SUBSCRIBERS ONLY
The Globe and Mail
Published Wednesday, Feb. 25 2015
deal-making  real_estate  HBC  Tim_Kiladze  Bay_Street  retailers  RioCan  Richard_Baker  commercial_real_estate 
february 2015 by jerryking
Kingsdale faces uphill battle in U.S. expansion - The Globe and Mail
DAVID BERMAN
Kingsdale faces uphill battle in U.S. expansion
SUBSCRIBERS ONLY
The Globe and Mail
Published Wednesday, Feb. 18 2015,
Bay_Street  crossborder  Kingsdale  Wes_Hall  shareholder_activism  proxy-advisory 
february 2015 by jerryking
Risky Business: BLG Sees Cyber Risks Underlining Challenges To Canadian Businesses
December 16, 2014

Borden Ladner Gervais Outlines 2015’s Top 10 Business Risks--Borden Ladner Gervais LLP’s predictions for 2015 are decidedly more worrying, as the firm issued a top ten list of business risks. At the top of the list, the firm says, is cybersecurity and the risks businesses face from hackers, data leaks, and social media. Others include risks related to First Nations land claims, anti-corruption enforcement and consumer class actions sparked by an increasing number of product recalls.
cyber_security  data_breaches  risks  cyberrisks  predictions  law_firms  Bay_Street  social_media  resilience  land_claim_settlements  product_recalls  anti-corruption  BLG  class_action_lawsuits 
january 2015 by jerryking
Young Bay Street drives new wave of philanthropy - The Globe and Mail
TIM KILADZE
Young Bay Street drives new wave of philanthropy
SUBSCRIBERS ONLY
The Globe and Mail
Published Thursday, Dec. 04 2014
Bay_Street  philanthropy  Junior_Achievement 
december 2014 by jerryking
TMX’s Eccleston says Canadian exchanges need new technology - The Globe and Mail
The Globe and Mail
Published Wednesday, Dec. 03 2014

The new head of TMX Group Ltd. says the stock exchange company needs to diversify and develop new technology products to help counter the impact of Canada’s highly cyclical commodity-dominated markets...“What we can’t do is simply let them all sit as totally separate entities,” he said. “They all run as verticals. But the challenge is how do you take those things and understand how to use the capabilities to create more integrated solutions that give you some competitive advantage?”...he needs to create a strategy for a portfolio of TMX businesses.

“I think it’s time to start thinking about TMX as not a group of exchanges and clearing businesses, but really a very strong technology-based organization that happens to manage exchanges, clearing businesses, risk-management business, data businesses and a number of other things,” he said.
TMX  Lou_Eccleston  product_development  stockmarkets  first90days  trading_platforms  bourses  Bay_Street  capabilities  competitive_advantage  diversification  new_products  portfolio_management  systems_integration 
december 2014 by jerryking
Approach with roses, not Tinder come-ons: Activist investors - The Globe and Mail
NIALL McGEE
Approach with roses, not Tinder come-ons: Activist investors Add to ...
SUBSCRIBERS ONLY
The Globe and Mail
Published Friday, Oct. 17 2014
shareholder_activism  hedge_funds  Bay_Street 
october 2014 by jerryking
Lou Eccleston: The data-driven emergence of TMX’s new CEO - The Globe and Mail
BOYD ERMAN
The Globe and Mail
Published Wednesday, Oct. 01 2014

And while he has not been CEO of a large public company, he has run big operations. At McGraw Hill, his business unit generated $1.7-billion (U.S.) in revenue, close to three times that of TMX.

McGraw Hill’s executive vice president of corporate affairs, Ted Smyth, worked with Mr. Eccleston on the company’s executive committee. He said Mr. Eccleston is “high energy, global, forward-looking, eloquent and a strong advocate for the power of technology and big data.”
Boyd_Erman  Bay_Street  CEOs  data_driven  forward-thinking  forward_looking  high-energy  Lou_Eccleston  massive_data_sets  TMX 
october 2014 by jerryking
The Financial District's chic, flashy Drake One Fifty simply disappoints when it comes to food - The Globe and Mail
CHRIS NUTTALL-SMITH
The Globe and Mail
Published Friday, Jan. 10 2014,

I nearly had to look around when I tried it, to make sure that I hadn’t been transported to another, better, place.

I hadn’t. The music was still throbbing (do not even dream of quiet conversation here on a busy evening), the feel of the place still more down-market mega chain than trailblazing arts and culture hub. I admire the moxy it took to build a room this wild, and can only imagine the pots of money it must have cost. But I wouldn’t send friends here on their own dime. I can’t in good conscience send you.
Chris_Nuttall-Smith  restaurants  restaurant_reviews  Bay_Street  disappointment 
september 2014 by jerryking
Ex-Onex star has big private equity plans for Altas - The Globe and Mail
TIM KILADZE
Ex-Onex star has big private equity plans for Altas Add to ...
SUBSCRIBERS ONLY
The Globe and Mail
Published Friday, Aug. 08 2014
Bay_Street  private_equity  Onex  Atlas 
august 2014 by jerryking
Bay Street law firm launches legal ‘incubator’ in Halifax
Jul. 02 2014 | The Globe and Mail | JEFF GRAY - LAW REPORTER

Torys says its new Torys Legal Services Centre, due to open this fall, will act for the Bay Street firm’s established corporate clients, performing high-volume, recurring legal work such as reviewing contracts or performing due diligence on corporate deals.
Bay_Street  contracts  cost-cutting  Halifax  law_firms  legal  Torys  product_launches 
july 2014 by jerryking
CI Financial co-founder G. Raymond Chang was a legend - The Globe and Mail
JACQUELINE NELSON and ANNA NICOLAOU
CI Financial co-founder G. Raymond Chang was a legend Add to ...
SUBSCRIBERS ONLY
The Globe and Mail
Published Monday, Jul. 28 2014
obituaries  Bay_Street  financiers  philanthropy  Ryerson  Caribbean 
july 2014 by jerryking
Sun Life moving away from Bay Street, leading a shift from Toronto's financial district - The Globe and Mail
TARA PERKINS AND JACQUELINE NELSON
The Globe and Mail (includes correction)
Published Tuesday, Feb. 25 2014
Bay_Street  waterfronts  Toronto  densification  South_Core 
july 2014 by jerryking
The giants of Bay Street may be going south - The Globe and Mail
TARA PERKINS AND OLIVER MOORE
The Globe and Mail
Published Saturday, Apr. 26 2014,
Toronto  Bay_Street  densification  waterfronts  South_Core 
april 2014 by jerryking
Breaking into the boys' club of investment banking - The Globe and Mail
BOYD ERMAN
Breaking into the boys' club of investment banking Add to ...
Subscribers Only

The Globe and Mail

Published Tuesday, Mar. 11 2014
women  Bay_Street  investment_banking  glass_ceilings  boards_&_directors_&_governance  Boyd_Erman  gender_gap  diversity 
march 2014 by jerryking
SO LONG, BIG LAW / HELLO, NEW LAW
March 28, 2014 | Report on Business Magazine | Alec Scott.
The collapse of Heenan Blaikie was bad news. But what's coming is good news - even for lawyers
Big_Law  Bay_Street  law_firms  disruption  Heenan_Blaikie  dissolutions  Outsourcing  New_Law  Cognition  Axiom  lawyers  bad_news 
march 2014 by jerryking
In Finance Minister Joe Oliver, Bay Street gets its man - The Globe and Mail
TIM KILADZE AND JANET McFARLAND

The Globe and Mail

Published Wednesday, Mar. 19 2014
Bay_Street  Joe_Oliver  appointments 
march 2014 by jerryking
Catalyst to launch IPO for prize holding
March 17, 2014 | G&M | BOYD ERMAN
Hopes to raise up to $200-million to boost operation that loans to companies seeking hard-to-find credit
Boyd_Erman  private_equity  Bay_Street  Newton_Glassman  Catalyst 
march 2014 by jerryking
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