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Streetwise Streetwise newsletter: BMO senior analyst’s exit, bank stocks’ future and CIBC’s tech push

Over the past 10 years, Bay Street’s best-rated stocks failed to beat the S&P/TSX composite index.

Mark Blinch/The Globe and Mail

Yet another senior real estate analyst is leaving Bay Street, with Heather Kirk deciding to step away from sell side research at BMO Nesbitt Burns. Story (Tim Kiladze, for subscribers)

In the past couple of years, Canadian bank stocks have powered through concerns about energy loans, new regulations for the domestic housing market, rising competition from technology companies and short-selling activity by U.S. investors. What should investors expect now? Story (David Berman, for subscribers)

Canadian Imperial Bank of Commerce is making a push back into Canada's thriving technology sector, acquiring private specialty finance firm Wellington Financial for an undisclosed sum. Story (James Bradshaw and Sean Silcoff, for subscribers)

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Financial information giant Bloomberg LP is expanding its media presence in Canada, striking a deal with Bell Media to rebrand its flagship business-news channel. In the spring, Bell's BNN (Business News Network) will become BNN Bloomberg. Story (Susan Krashinsky Robertson)

FINANCIAL SERVICES WRAP

Britain will launch the world's first experiment in open banking this week with a series of reforms that the government hopes will revolutionize financial services and open the door to new entrants such as Google, Facebook, Apple and Amazon. Story (Paul Waldie, for subscribers)

Toronto-Dominion Bank expects to take a $400-million (U.S.) hit to its first-quarter profit due to changes to the U.S. tax code, but anticipates higher earnings in the long run. Story (James Bradshaw)

Britain's financial watchdog fined ex-Royal Bank of Scotland trader Neil Danziger 250,000 pounds ($338,000 U.S.) on Monday and barred him from working in financial services. Story (for subscribers)

DEALS WRAP

Toronto-based Planswell, which allows Canadians to build free financial plans, announced that it's dropped its waitlist and raised a $6.8-million seed round. BetaKit

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Inocucor Corp., a developer and producer of biological crop inputs, has completed a $9.5-million (U.S.) series B financing round, bringing to the total series B funding to $38.5-million. Private Capital Journal

WHAT WE'RE READING ELSEWHERE

A spectre is haunting corporate America: sexual harassment. Forget being miffed over MiFID II, daunted by data security, or panicked over product liability. The next Big Crisis that will be keeping investor relations officers awake at night is sexual harassment, and it's coming fast. Institutional Investor

Two hedge funds tell the up and down story for the industry in 2017. Equity fund Coatue Qualified Partners soared 24 per cent on its tech bets while the Caxton Global macro fund dropped 13.4 per cent, according to an investor document and people familiar with the matter. The equity and macro strategies served as bookends for the industry, which delivered a lukewarm overall performance for the year. Bloomberg

The quantitative hedge fund industry is on the brink of surpassing $1-trillion (U.S.) of assets under management this year after breakneck growth from rising interest in more systematic, computer-powered investment strategies. Financial Times

IN CASE YOU MISSED IT

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Canada's biggest investors have a trillion-dollar problem. A stunning $1-trillion (U.S.) in capital – nearly double the amount available in 2012 – is sitting on the sidelines, waiting to be put to work by private equity investors across the globe. So many firms are chasing deals that it is creating the most competitive investment climate in more than a decade. Story (Jeffrey Jones and Jacqueline Nelson, for subscribers)

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