30 May 2006

TD Securities' Goal of Top Tier Market Share

The Globe and Mail, Andrew Willis, 30 May 2006

Two years back, Toronto-Dominion Bank CEO Ed Clark set a goal for his investment banking team. He wanted the squad to hold the same top-tier market share that TD's retail bank enjoys.

Well, five months of results don't mean mission accomplished, but TD Securities is on a run. The equity underwriting team is in No. 3 position, behind CIBC World Markets and RBC Dominion Securities, while the institutional desk continues to rank as the top block trader.

The arrival of new talent confirms that TD Securities has the wind behind it. Eric Morisset joined the dealer this week as Montreal-based head of its Quebec operations. He fills a slot that came open when Michael Fortier jumped into the federal cabinet (without ever having to win an election). Mr. Morisset was at CIBC World Markets for the past 12 years, most recently as managing director in the Montreal office. And institutional equity arm TD Newcrest just picked off one of the Street's better hedge fund sales specialists, as Mike Arbus joined from RBC.