Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Catalyst extends life of $1-billion investment fund, says it needs more time to sell assets: Catalyst Capital Group Inc. has pushed back by one year the deadline for returning money to backers of one of its largest funds, and warned investors it might need another extension to buy time to cash in its holdings. (Andrew Willis)
Gateway puts Alberta casinos up for sale as it prepares to go public: Gateway Casinos & Entertainment Inc. has put its Alberta casinos up for sale as it prepares to go public in a reverse takeover of a U.S.-based special-purpose acquisition corporation, the company said on Tuesday. (Jeffrey Jones)
Banks face investor pressure to prepare for economic downturn: Canada’s banks are under intense pressure to prove to nervous shareholders that banks are adequately prepared to absorb loan losses when the next economic downturn arrives, according to Bank of Nova Scotia’s chief executive officer. (James Bradshaw)
CI Financial’s new CEO plots a change in direction amid industry challenges: On the first day he took the reins as chief executive of CI Financial, Kurt MacAlpine sent out a company-wide e-mail introducing himself to more than 2,500 employees. By the end of the day, several hundred responses had poured in, many offering ideas about what he should consider improving at the asset-management company. (Clare O’Hara)
Goldman Sachs answers investor demands on consumer bank: Goldman Sachs Group Inc. unveiled details about its consumer business for the first time on Tuesday and will start disclosing its results regularly as part of a broader reporting-line shuffle, responding to long-standing requests for more transparency from analysts and investors. (Reuters)
Annesley Wallace named new chief pension officer of OMERS: The new management team is taking shape at one of Canada’s largest fund managers, with the Ontario Municipal Employees Retirement System naming Annesley Wallace as its new chief pension officer on Tuesday. (Andrew Willis)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Lightspeed to spend $100-million to expand point-of-sales in Europe with largest acquisition yet: Lightspeed POS Inc. announced Tuesday that it will spend more than US$100-million in cash and stock to buy a German point-of-sale company to expand within Europe. (Josh O’Kane)
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