NEW YORK, Aug 2 (IFR) - TD Securities, the investment banking arm of Toronto-Dominion Bank, hired a former managing director at Wells Fargo to build its presence in financial institutions debt origination.
Edward Arden, who spearheaded the growth of Wells Fargo’s FIG business after joining from UBS in 2009, joined TD Securities’ as an MD in June in New York, the bank confirmed.
As head of FIG - a newly created position - Arden will focus on increasing originations in senior and subordinated debt and covered bonds globally, said a person close to the situation.
The bank will look to make more hires for the FIG team, particularly as some other Wall Street firms make cuts to their investment banking divisions.
TD has a thriving business underwriting bonds for sovereign, supranational and agency issuers, placing 14th in the global SSA league table, according to SDC data.
It is less well known as a bookrunner for financial institutions, however.
While it has a strong presence in US dollar covered bonds, TD is ranked 21st among global covered bond bookrunners, and 22nd among global FIG bookrunners, according to SDC.
Reporting by Will Caiger-Smith; Editing by Jack Doran