TD Asset Management Inc. will offer style-based exchange-traded funds based on the Dow Jones Canada TopCap Value and Growth Indexes. The TD Select Canadian Value Index and TD Select Canadian Growth Indexes are the first Canadian style-based ETFs, the company said.
"Investors seeking added diversification of their investment portfolios should benefit from exposure to companies that exhibit strong value or growth characteristics," said TD Mutual Funds President Steve Geist in a statement. TD Asset Management Inc. is a member of the TD Bank Financial Group, managing close to CDN$30 billion in retail mutual fund assets.
The Dow Jones Canada TopCap value and growth indexes were launched Nov. 1, following similar indexes in the U.S. The TD Select Canadian indexes began trading on the Toronto Stock Exchange Dec. 7.
At the same time, TD Waterhouse Investor Services Ltd., another company in the TD Bank Financial Group, added mutual fund and equity customers by buying Charles Schwab Australias customer accounts. The purchase is subject to regulatory approval. Financial details of the transaction were not disclosed.
The transfer of close to 51,000 accounts will occur on Jan. 11, 2002. TD Waterhouse will increase its customer accounts to more than 260,000, a 25% increase, said Managing Director Karen Buck in a statement.
"Australia continues to represent strong growth potential for online financial services providers. Australians are early adopters of new technology and are increasingly keen to take control of their investments," Buck added.