Regulators prohibit discount brokers from selling funds with embedded advisory fees: Discount brokerages will soon be banned from selling certain mutual funds that have charged investors billions in fees for advice they did not receive. On Thursday, the Canadian Securities Administrators finalized rules that will ban fund companies from paying so-called trailing commissions to discount brokerages, starting June 1, 2022. (Clare O’Hara)
Cogeco doesn’t need a blockbuster deal for U.S. cable giant Astound to ensure its future: In coming weeks, you’ll likely see headlines heralding the US$8-billion-plus sale of the sixth largest U.S. cable company, known as Astound. But Cogeco Inc. and subsidiary Cogeco Communications Inc. are not going to win this prize, because sources say they turned down an invitation to bid on Astound businesses that include a northeastern U.S. cable network that would dovetail neatly with the Montreal-based companies' expansion-hungry U.S. subsidiary, Atlantic Broadband. There are two very different ways to react to Cogeco’s choice to stay on the sidelines. (Andew Willis)
Nuvei stock soars after largest tech IPO in TSX history: Montreal payments-processing company Nuvei Corp. soared in its debut as a public company Thursday after raising US$700-million in the largest technology initial public offering ever on the Toronto Stock Exchange. (Sean Silcoff)
Mackenzie, Great-West buy major stake in private equity investor Northleaf: Mackenzie Financial Corp. and Great-West Lifeco Inc. are buying a major stake in private-equity firm Northleaf Capital Partners in a move to bring alternative investments, such as infrastructure and private credit, to retail clients. (Mark Rendell, Clare O’Hara)
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