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  • The Canadian Press

    Most actively traded companies on the Toronto Stock Exchange

    TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange: Toronto Stock Exchange (18,060.26, down 163.28 points.) Suncor Energy Inc. (TSX:SU). Energy. Down 79 cents, or three per cent, to $25.27 on 24.6 million shares. ClearStream Energy Services Inc. (TSX:CSM). Energy. Down 2.5 cents, or 26.3 per cent, to seven cents on 21.1 million shares. CI Financial Corp. (TSX:CIX). Financials. Up 46 cents, or 2.7 per cent, to $17.82 on 18.1 million shares. Ballard Power Systems Inc. (TSX:BLDP). Industrials. Up 97 cents, or 2.8 per cent, at $35.60 on 14.6 million shares. Manulife Financial Corp. (TSX: MFC). Financials. Down 39 cents, or 1.5 per cent, at $25.37 on 10.4 million shares. Enbridge Inc. (TSX: ENB). Energy. Down $1.18, or 2.7 per cent, at $42.98 on 10.4 million shares. Companies in the news: Onex Corp. (TSX:ONEX) Up $1.72, or 2.5 per cent, to $71.24. Onex reported its fourth-quarter profit rose compared with a year ago, helped by gains in its private equity and credit investments. The Toronto-based private equity manager, which keeps its books in U.S. dollars, says it earned a net profit of US$597 million or $6.61 per diluted share for the quarter ended Dec. 31. This report by The Canadian Press was first published Feb. 26, 2021. The Canadian Press

  • CI Financial to Access Specialized Services for Affluent Investors Through New York Private Bank & Trust
    Business Wire

    CI Financial to Access Specialized Services for Affluent Investors Through New York Private Bank & Trust

    CI Financial Corp. ("CI") (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, and New York Private Bank & Trust, parent company of Emigrant Bank ("Emigrant"), today announced an agreement under which specialized services for ultra-high-net-worth investors provided by Emigrant’s subsidiaries will be offered to CI’s U.S. wealth management businesses.

  • Novogratz’s Galaxy Reaches $1.2 Billion in Asset Management Unit
    Bloomberg

    Novogratz’s Galaxy Reaches $1.2 Billion in Asset Management Unit

    (Bloomberg) -- Billionaire investor Mike Novogratz’s Galaxy Digital Holdings Ltd. said its asset management unit has grown to about $1.2 billion after launching new products, including a Bitcoin mutual fund in partnership with Canada’s CI Financial Corp.The company, based in New York but listed in Toronto, said in a statement Wednesday it expects to report income of $325 million for the fourth quarter after the value of Bitcoin and other holdings soared. Galaxy said it disclosed the preliminary results “given the material change in the operating environment of the cryptocurrency and digital sector” since it reported its third quarter.Galaxy Digital is a financial firm that does asset management, trading, investment banking and other activities, with a focus on digital assets, cryptocurrencies and blockchain. Novogratz is trying to place it in the center of an explosion in investor interest in cryptocurrencies and retail funds that hold them.Galaxy’s trading desk is one of several providing Bitcoins for the Purpose Bitcoin ETF, the first-ever approved in North America, which began trading on the Toronto Stock Exchange last week. Galaxy Digital will also act as a sub-adviser on a new Bitcoin ETF that CI Financial has also filed to launch.“Even as late as June and July of last year, people were not positive this was a real space,” Novogratz said by telephone. “Now the question is, how much exposure should I have?”Galaxy’s asset management division includes venture funds and crypto funds, including those traded on exchanges. Assets, which were $1.18 billion as of Feb. 19, have grown 45% since the end of December after more than doubling in the fourth quarter, the company said. Novogratz said he plans to add about 50 people to the 126-person company, which has offices in New York, Chicago, Tokyo, Hong Kong, London and Los Angeles. Galaxy Digital has a market value of C$5.5 billion ($4.4 billion), up from C$382 million a year ago.Some mainstream financial institutions, such as Morgan Stanley’s Counterpoint Global investment management unit, are considering making bets on Bitcoin or are making it easier for their clients to do so. That’s another signal cryptocurrencies have staying power, Novogratz said.“It’s not a classic FOMO because this is going to be an asset class for the next 50 years,” he said.(Updates with additional information on Galaxy Digital starting in third paragraph and on financial industry activity near end of story)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.