Here are the top reads on deals and financial services over the last 24 hours,
RBC Global Asset Management strikes agreement with BCI, QuadReal: Royal Bank of Canada has struck a joint venture with British Columbia Investment Management Corp. to launch a new fund catering to institutional clients with a growing appetite for investing in commercial real estate. The partnership allows RBC Global Asset Management Inc. to tap into a portfolio of more than 40 of BCI’s Canadian real estate assets, collectively worth more than $7-billion and managed by QuadReal Property Group, a subsidiary that oversees BCI’s real estate program. Story (James Bradshaw, for subscribers)
Canada’s venture-capital investment flattens after years of growth: report: Canadian venture-capital investment plateaued in 2018 with $3.7-billion flowing into Canadian startups and scale-ups, holding the country back from a fifth consecutive year of growth, according to the Canadian Venture Capital & Private Equity Association. The CVCA will release its annual year-in-review report on Wednesday. Story (Josh O’Kane, for subscribers)
Is it time for Canadian startups to look beyond venture capital?: With our small population size, limited access to capital and constant competition from the United States, Canadian tech startups have been sold the idea that the best way to grow is through venture capital. Indeed, we’ve been taught to be happy that we’re on the radar of VCs at all. But a growing number of examples illustrate that giving up control in exchange for investment is not always a recipe for success. Opinion (Manny Padda, for subscribers)
Wealth management trends: RRSPs are going grey. Owing to expensive real estate and the advent of tax-free savings accounts (TFSAs), adults in their 20s through 40s have less of a presence among contributors to registered retirement savings plans than they did a decade and a half ago. Meanwhile, people aged 55 and up are starting to dominate. Opinion (Rob Carrick)
MORE FINANCIAL SERVICES NEWS
Banks mimic tech workspaces in attempt to woo young talent: Tattooed models in mustard robes replaced the usual grey-suited bankers at Nordea Bank’s Copenhagen headquarters recently, as the Danish bank strutted out its latest attempt to woo young talent. Hosting a fashion show is just one way companies like Nordea, the largest financial group in Nordic countries, are trying to attract twentysomething and thirtysomething employees. Story (for subscribers)
Toronto fintech: Mastercard Inc. says it will acquire Toronto-based fintech Ethoca, which helps merchants and card issuers collaborate to identify and resolve fraud in digital commerce. Story
U.S. banking: Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Executive Tim Sloan for proof the bank has put a string of consumer abuse scandals behind it at a tense congressional hearing that saw Sloan firmly on the defensive. Story
IN CASE YOU MISSED IT
Black on Bay Street: Real talk on diversity, and the constant struggle: On the face of it, the question was innocent enough. Over drinks, Ray Williams was asked if, as one of the few black leaders in Canadian finance, he’d ever experienced racism on Bay Street. Mr. Williams, a managing director in the fixed income, currencies and commodities group at National Bank Financial, could hardly keep it together. “I started to giggle and almost snorted my drink through my nose,” he recalls. Story (Tim Kiladze, for subscribers)
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