TD Bank gets U.S. antitrust approval to buy Epoch Investments

Wed Jan 9, 2013 12:02pm EST
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WASHINGTON Jan 9 (Reuters) - Toronto-Dominion Bank has won U.S. antitrust approval to buy Epoch Investments, the Federal Trade Commission said on Wednesday, as it seeks to expand its already sizeable U.S. presence.

TD announced the $668 million agreement to buy the U.S. asset manager in December as it released fiscal fourth-quarter results.

The FTC put the transaction on a list of approved deals that it issues several times a week. The deals are usually not controversial.

TD is Canada's No. 2 bank and runs a U.S. network of 1,300 branches as well. The acquisition of Epoch will add $24 billion in assets under management to the $207 billion already overseen by TD Asset Management.

The deal is among several small acquisitions by TD since the 2008 financial crisis.