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Streetwise Streetwise newsletter: CI Financial steps into digital-advice business; Echelon Wealth buys Dundee Securities

Here are the top reads on deals and financial services over the last 24 hours,

CI Financial buys majority stake in Vancouver’s Wealthbar: Investment giant CI Financial is stepping into the digital-advice business after acquiring a majority stake in robo-adviser Wealthbar Financial Services Inc. Story (Clare O’Hara, for subscribers)

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Echelon Wealth Partners acquires Dundee Securities: Echelon Wealth Partners Inc. is acquiring Dundee Securities Ltd., adding almost $1-billion in assets under administration and management. Story (Clare O’Hara, for subscribers)

Detour Gold CEO to step down after proxy battle ends in board revamp: Detour Gold Corp. shareholders have ousted its chairman and chief executive officer in a proxy contest that is a partial victory for dissident shareholder Paulson & Co. In a result that was made public on Thursday, shareholders voted five incumbents off the nine member board. It will now be up to the board to decide whether a sale is in its best interests. Story (Niall McGee, for subscribers)

SNC-Lavalin vulnerable to foreign takeover, Quebec premier says: Premier says SNC-Lavalin Group Inc. is exposed to a takeover amid growing evidence Quebec’s his government is marshalling an effort to ensure the engineering and construction firm remains based in the province. Premier François Legault told an interviewer for a popular morning radio show in Montreal Thursday that government officials have “indications” that the engineering company is the subject of interest from foreign buyers. Story (Nicolas Van Praet, for subscribers)

MORE DEALS NEWS

Utility sector: Shares in AltaGas Ltd. soared on Thursday morning after it announced it will slash its dividend by 56 per cent and sell its remaining majority stake in a B.C. hydroelectric power operation for $1.39 billion. Story (for subscribers)

IN CASE YOU MISSED IT

Rising rates, high debt could lead to financial crisis in Canada, report warns: Canada risks a financial crisis within three years as rising interest rates collide with already lofty levels of indebtedness, a Citigroup report warns. Several other countries are also vulnerable, according to the Citi report titled, “Are we headed for a global debt crisis?” It estimates that governments, households and corporations around the world have amassed a mountain of loans roughly three times as large as the level of 20 years ago. Story (Ian McGugan, for subscribers)

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