Here are the top reads on deals and financial services over the past 24 hours,
Executive departing: Royal Bank of Canada’s head of global equities, Greg Mills, will retire from the bank at the end of July, giving way to new co-heads who will lead the division. Mr. Mills joined RBC 20 years ago, and his departure adds to a recent reshuffling in the senior ranks of RBC’s investment banking arm after the sudden departure of U.S. capital markets head Blair Fleming earlier this month. Story (James Bradshaw, for subscribers)
Pension executive: Investment Management Corp. of Ontario has found a chief investment officer to kick-start its asset management program as it prepares to court new clients. Story (Jacqueline Nelson, for subscribers)
New venture fund: As the child of immigrant entrepreneurs, George Rossolatos has first-hand experience with how hard business owners are willing to work to build their companies. Mr. Rossolatos’s father came to Canada from Greece, started an auto-repair shop in Ottawa, and drove a taxi at night to help pay the bills. His son, the founding chief executive of the newly launched Canadian Business Growth Fund, began helping out by the age of 9. Looking back, the 46-year-old financier says a patient, long-term outside investor would have made a world of difference in building his father’s businesses. Story (Andrew Willis, for subscribers)
New TD advisor: U.S. President Donald Trump will almost certainly follow through on threats to impose tariffs on auto imports, heaping more pressure on Canada and Mexico to make concessions as North American free-trade agreement talks enter the crucial next phase, says former cabinet minister Rona Ambrose, a member of Ottawa’s NAFTA advisory council. Ms. Ambrose spoke to The Globe and Mail ahead of an announcement on Tuesday that she will become an adviser to TD Securities on a range of issues, using her experience in politics, trade, economics, the environment and gender diversity. The new non-staff position follows her appointment last year to the NAFTA council, which includes business, political and diplomatic leaders. Story (Jeffrey Jones, for subscribers)
Oil M&A: Baytex Energy Corp. has agreed to buy rival oil producer Raging River Exploration Inc. for about $1.4-billion in an all-stock deal that improves the buyer’s debt position while adding a new exploration area. Story (Jeffrey Jones)
Mining M&A: Australian mining company South32 Ltd. is offering $1.8-billion in cash to buy the 83 per cent of Vancouver-based Arizona Mining Inc. it doesn’t already own in a friendly deal. Story (Niall McGee, for subscribers)
Venture capital: Arts impresario David Mirvish is making a significant investment in financial technology firm FundThrough, the modern-day equivalent of the small-business lenders that helped him and his entrepreneur father start their own successful companies years ago. Story (Brenda Bouw)
MORE FINANCIAL SERVICES NEWS
Lawsuits: Proposed class-action lawsuits have been filed against Bank of Montreal and CIBC’s direct banking division Simplii Financial over recently disclosed cybersecurity breaches impacting up to 90,000 customers. Story
MORE DEALS NEWS
Lawyers: Fujifilm Holdings Corp sued Xerox Corp on Monday for well over US$1 billion, faulting the printer and copier company for succumbing to pressure from activist investors Carl Icahn and Darwin Deason in calling off a proposed merger. Story
IPO filing: U.S. online survey company SurveyMonkey on Monday said it had confidentially registered for an initial public offering with the Securities and Exchange Commission, through its parent SVMK Inc. Story
Tech sector: Google will invest US$550 million in Chinese e-commerce powerhouse JD.com, part of the U.S. internet company’s efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com. Story
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