Some Canadian hedge funds are finding their growth crimped by tougher sales policies at the country’s second-largest bank.
Toronto-Dominion Bank has put a limit on how much its retail clients, collectively, can own of particular funds, according to people familiar with the matter. TD implemented the rules partly to mitigate the risks associated with being too exposed to any one firm, the people said.
The additional scrutiny came on the heels of the collapse of private credit firm Bridging Finance Inc. in 2021 and regulatory changes in Canada, known as “client-focused reforms,” that were implemented less than two years ago. “We regularly review our products based on many factors, such as risk assessments and the regulatory environment, balanced against being able to offer our clients robust investment choices that meet their needs,” Julie Bellissimo, a spokesperson for Toronto-Dominion, said in an emailed statement. Canada’s largest banks have secured dominant positions in the investment-advice business, consolidating it as firms like Merrill Lynch exited the country.
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