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Streetwise newsletter: RBC to launch its own robo-adviser business, Marijuana SPAC eyes Neo listing

A sign on Bay St. noting the area is the Financial District, is photographed on July 10 2017. (Fred Lum/The Globe and Mail)

Fred Lum

Royal Bank of Canada is set to launch its own robo-advisory service, making it the second Canadian bank to offer an automated online portfolio platform for investors. The platform, RBC InvestEase, is a new and separate business for the bank. Story (Clare O'Hara, for subscribers)

An investment vehicle devoted to the budding legal cannabis sector is seeking to go public in Canada on the Aequitas Neo Exchange Inc. and raise $125-million Story (Christina Pellegrini, for subscribers)

DAILY DEALS

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Glencore PLC is close to finalizing a $700-million (U.S.) deal with the Ontario Teachers' Pension Plan to create a new base-metals royalty company, according to people familiar with the matter. Story

Poshmark, which provides an online marketplace to buy and sell fashion items, announced that it has raised $87.5-million (U.S.) in a round led by Temasek. Mayfield, Menlo Ventures, GGV Capital, Inventus Capital, Uncork Capital, Union Grove Venture Partners, and Cross Creek Advisors also participated. Story (Venture Beat)

Calgary-based chata.ai announced that they have received $2.5-million in funding from local investors. Story (Betakit)

ELSEWHERE IN FINANCIAL SERVICES

Britain's Brexit Minister David Davis sought to reassure the financial services sector on Tuesday with a commitment to make bankers exempt from curbs on immigration after Brexit. Story

Home Capital Group reported a $30-million profit in its most recent quarter, about half of what it earned in the year-ago period before it was hit with allegations it misled investors. Story (The Canadian Press)

WHAT WE'RE READING

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The average hedge fund portfolio manager will take home just shy of $1-million (U.S.) in 2017, according to Institutional Investor's inaugural All-America Buy Side Compensation report. This figure includes the average base pay of $277,268, plus $686,757 in variable compensation, including bonuses, commission, and options. Story (Institutional Investor)

Wall Street's invasion of the legal weed market: Inside the race to become the Goldman Sachs of ganja and the Blackstone of bong Story (Instutional Investor)

Octavio Marenzi, chief executive of consultancy Opimas, has warned that trading may shift away from the European Union after new regulations come into force in the region at the start of next year. MiFID II, which goes live in January, 2018 includes new requirements such as pre-trade transparency, post-trade reporting, restrictions on volumes in dark pools and the unbundling of research payments from trading commissions. Story (Markets Media)

Meanwhile, Deutsche Boerse AG has joined those criticizing a new type of trading venue being ushered in by Europe's MiFID II rules. Story (Bloomberg)

What does a venture capital school have to teach Janet Bannister, general partner at Real Ventures, a former eBay executive, and founder of the popular Internet brand Kijiji? Plenty. Story (PE Hub)

IN CASE YOU MISSED IT

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Prominent Alberta investment banker and former Arizona Coyotes co-owner George Gosbee died suddenly on Sunday and his passing sent shock waves through the tight-knit Calgary business community. Story (Kelly Cryderman and Andrew Willis)

Private-equity fund PointNorth Capital Inc. made its name as an activist investor, successfully taking on, and replacing, directors at a leading liquor retailer and nursing-home chain. Story (Andrew Willis, for subscribers)

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