AUG 12 2013 – TD Waterhouse sale to National Bank

You may have already received a letter from TD Waterhouse Institutional Services indicating the intention of National Bank Correspondent Network to acquire them sometime in the near future.

Although this comes as a surprise it is by no means a negative development. NBCN is surprisingly the leader in Institutional Services with over $50B in assets as compared to TD at $34B.

It is unclear at this time whether any re-papering will be required, but rest assured your accounts will see no disruption and when your Portfolio Manager or ourselves have other information to share we will do so. In the interim, please call or email with questions.

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