Commodities rebound to push TSX higher... CIBC acquires Chicago-based wealth manager... Unlock real estate assets Hudson’s Bay activists tell retailer...
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Commodities rebound to push TSX higher
Oil and gold prices improved during the session Monday having started the trading week heading lower.
The gains meant the materials and energy sectors of the main TSX led the gains with 2.5 per cent and 1.2 per cent increases respectively. There were more modest gains for 6 other sectors with utilities and telecoms ending the session slightly lower.
Wall Street closed mixed with tech stocks gaining to give the Nasdaq a good session while the S&P500 and Dow flat. European and Asian markets also closed mostly higher.
The S&P/TSX Composite Index closed up 78.12 (0.52 per cent)
The Dow Jones closed down 5.82 (0.03 per cent)
Oil is trending (Brent $46.90, WTI $44.42 at 4.30pm)
Gold is trending (1213.80 at 4.30pm)
The loonie is valued at U$0.7759
CIBC acquires Chicago-based wealth manager
CIBC has entered into a definitive agreement to acquire the Chicago-based private wealth management firm Geneva Advisors.
The deal, which follows the recent acquisition of PrivateBank, will enable CIBC to further enhance its US capabilities. Geneva will become part of CIBC Atlantic Trust Private Wealth Management.
"Acquiring Geneva Advisors will further strengthen CIBC Atlantic Trust Private Wealth Management, led by our CEO of this business and industry veteran Jack Markwalter," said Larry Richman, Group Head, U.S. Region, and President & CEO The PrivateBank. "This investment will add scale in key markets where we can offer clients differentiated, high-touch service. We are pleased to have reached an agreement and look forward to welcoming Geneva Advisors' clients and strong team to our bank."
CIBC will pay U$200 million for Geneva Advisors, a firm with $8.4 billion of assets under management and around 100 employees.
Unlock real estate assets Hudson’s Bay activists tell retailer
Some shareholders of Hudson’s Bay Co. want the firm to unlock the value in its real estate portfolio or consider options including taking the firm private or closing stores.
The retailer has around $10 billion in real estate assets and activist shareholder Jonathan Litt has called the firm is a “real estate company, full stop.”
The Globe and Mail says that several shareholders are backing Litt and his Land & Buildings company, with many saying they bought into the firm for its real estate.
Oil and gold prices improved during the session Monday having started the trading week heading lower.
The gains meant the materials and energy sectors of the main TSX led the gains with 2.5 per cent and 1.2 per cent increases respectively. There were more modest gains for 6 other sectors with utilities and telecoms ending the session slightly lower.
Wall Street closed mixed with tech stocks gaining to give the Nasdaq a good session while the S&P500 and Dow flat. European and Asian markets also closed mostly higher.
The S&P/TSX Composite Index closed up 78.12 (0.52 per cent)
The Dow Jones closed down 5.82 (0.03 per cent)
Oil is trending (Brent $46.90, WTI $44.42 at 4.30pm)
Gold is trending (1213.80 at 4.30pm)
The loonie is valued at U$0.7759
CIBC acquires Chicago-based wealth manager
CIBC has entered into a definitive agreement to acquire the Chicago-based private wealth management firm Geneva Advisors.
The deal, which follows the recent acquisition of PrivateBank, will enable CIBC to further enhance its US capabilities. Geneva will become part of CIBC Atlantic Trust Private Wealth Management.
"Acquiring Geneva Advisors will further strengthen CIBC Atlantic Trust Private Wealth Management, led by our CEO of this business and industry veteran Jack Markwalter," said Larry Richman, Group Head, U.S. Region, and President & CEO The PrivateBank. "This investment will add scale in key markets where we can offer clients differentiated, high-touch service. We are pleased to have reached an agreement and look forward to welcoming Geneva Advisors' clients and strong team to our bank."
CIBC will pay U$200 million for Geneva Advisors, a firm with $8.4 billion of assets under management and around 100 employees.
Unlock real estate assets Hudson’s Bay activists tell retailer
Some shareholders of Hudson’s Bay Co. want the firm to unlock the value in its real estate portfolio or consider options including taking the firm private or closing stores.
The retailer has around $10 billion in real estate assets and activist shareholder Jonathan Litt has called the firm is a “real estate company, full stop.”
The Globe and Mail says that several shareholders are backing Litt and his Land & Buildings company, with many saying they bought into the firm for its real estate.
