Here are the top reads on deals and financial services over the last week
FINANCIAL SERVICES NEWS
Unlike CPPIB’s pandemic performance, AIMCo’s gives Albertans cause for concern: Canadians can take comfort from knowing their pension plan was well-managed during a brutal market meltdown. However, Albertans have new reasons to worry about poor performance from their government-owned fund manager. (Andrew Willis)
CPPIB weathers coronavirus downturn with modest investment loss: The Canada Pension Plan Investment Board managed to stay in the black for its just-completed fiscal year, despite a final quarter that shaved more than $10-billion from the pension’s assets. (David Milstead)
Trading strategy losses hurt banks’ capital markets profit: The capital markets divisions at the Bank of Montreal and the Royal Bank of Canada did little to prop up earnings this quarter, as losses due to market volatility overshadowed strong fixed income trading activity and debt underwriting. (Mark Rendell)
Banks set aside $11-billion in new funds to cover loan losses: Canada’s largest banks just earmarked an unparalleled $11-billion in new reserves to cover losses on loans as the novel coronavirus pandemic batters the global economy. (James Bradshaw)
Fairfax Financial Holdings left behind amid market rebound: The revival in stock markets over the past two months has been so powerful that nearly every major Canadian listing has participated – all but one, in fact. (Tim Shufelt)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Montreal’s Repare Therapeutics files for $100-million IPO on Nasdaq, first new issue by Canadian biotech in a year: Montreal cancer-treatment developer Repare Therapeutics Inc. is set to go public on the Nasdaq exchange on the heels of striking a blockbuster partnership with pharmaceutical giant Bristol Myers Squibb Co. (Sean Silcoff)
Air Canada’s takeover deal for Transat faces scrutiny from EU antitrust watchdog: The European antitrust watchdog launched an investigation of Air Canada’s proposed takeover of Transat AT Inc., echoing the concerns of Canada’s Competition Bureau that the combination of the two Montreal-based airlines would limit consumer choices and drive up airfares on transatlantic flights. (Eric Atkins)
Slate Asset Management launches $500-million fund to finance COVID-hit companies: Slate Asset Management has launched a $500-million fund to provide capital to the Canadian commercial real estate sector as companies struggle with the impact of COVID-19. (Jeffrey Jones)
CI Financial buys minority stake in U.S.-based wealth manager Congress as international expansion continues: Independent fund giant CI Financial Corp. continues to boost its presence in the U.S. market with its latest purchase of a minority interest in Congress Wealth Management LLC, a Boston-based registered investment adviser firm that caters to high-net-worth families. (Clare O’Hara)
Toronto tech company Top Hat buys Nelson Education’s Canadian university textbook division: Canada’s largest education publisher, Nelson Education Ltd., has agreed to sell its domestic university textbook publishing business to Toronto technology company Tophatmonocle Corp. in a deal that heralds a hastening of the shift to online education here. (Sean Silcoff)
Air Canada tapping securities markets for $1.4-billion to bolster cash as travel stalls: Air Canada is tapping securities markets for $1.4-billion as Canada’s largest airline bolsters its cash balance amid a near collapse of global air travel. (Eric Atkins)
IN CASE YOU MISSED IT
Torstar buyers plan to ramp up struggling newspaper’s digital strategy: The bidders for Torstar Corp. plan to push the struggling newspaper publisher’s transformation into a digital news and information provider, an effort best accomplished outside the glare of public markets, they said on Wednesday. (Jeffrey Jones)
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