TD Waterhouse
Encyclopedia
TD Waterhouse is the brand used for both Canadian and British brokerages within the TD Bank Financial Group. It was also formerly used for TD's American brokerage.

TD's original brokerage was from the purchase of Gardiner Group Stockbrokers, which was renamed Greenline.

The brand originated as a United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 brand for discount brokerage when TD purchased Waterhouse Securities. The name TD Waterhouse was formed and was used for TD's British, Canadian and U.S. brokerage activities. In Canada, TD Waterhouse thus replaced the brand Greenline.

In June 1999, TD spun off 42 million shares or 12.4 % of TD Waterhouse in an IPO, with shares priced at $35.28 CAD or $24 USD per share, earning $1.01 billion USD. In 2001, with the bursting of the Dot-com bubble
Dot-com bubble
The dot-com bubble was a speculative bubble covering roughly 1995–2000 during which stock markets in industrialized nations saw their equity value rise rapidly from growth in the more...

 and lower trade volumes that brought down Waterhouse's share price, TD bought back that minority stake at $9 USD per share for only $378 million USD, earning a tidy profit on the privitization. The acquisition was conditional on TD owning at least 90 percent of Waterhouse's outstanding common shares, and it owned almost 89 percent when the privatization was announced.
In 2003, the Toronto-Dominion Bank
Toronto-Dominion Bank
The Toronto-Dominion Bank , is the second-largest bank in Canada by market capitalization and based on assets. It is also the sixth largest bank in North America. Commonly known as TD and operating as TD Bank Group, the bank was created in 1955 through the merger of the Bank of Toronto and the...

 held talks to merge Waterhouse with E*TRADE, which would have created the second-largest discount broker in the US after Charles Schwab
Charles Schwab Corp.
The Charles Schwab Corporation , is an American brokerage and banking company, based in San Francisco, California. It was founded in 1971 by Charles R. "Chuck" Schwab, as a traditional, brick and mortar brokerage firm and investment newsletter publisher. In 1973, the company name changed from First...

, but the two sides could not come to an agreement over control of the merged entity.http://www.usatoday.com/money/industries/brokerage/2004-01-13-td-etrade_x.htmhttp://www.cbc.ca/money/story/2005/05/09/online-brokerage050509.html

In 2005, E*TRADE made an unsolicited offer for Ameritrade, currently the second largest US discount broker. However, Ameritrade instead purchased TD Waterhouse, with TD Bank holding a 39% stake in the new entity. As part of the deal, Ameritrade sold its Canadian operations to TD Bank who merged them with TD Waterhouse Canada. TDBFG's Waterhouse and Ameritrade holdings, along with TD Mutual Funds, are now organized under a division known as TD Wealth Management.http://www.cbc.ca/money/story/2005/06/22/waterhouse-050622.html

When TD merged its U.S. brokerage activities with Ameritrade, the newly formed U.S. broker formed the brand TD Ameritrade
TD Ameritrade
TD Ameritrade is an American online broker with over 6 million U.S. customers, and many more internationally, that has grown rapidly through acquisition to become the 746th-largest US firm in 2008. TD Ameritrade Holding Corporation is the owner of TD Ameritrade Inc...

(of which TD owns 39%), but the Canadian and British divisions (which are 100% owned by TD) has retained the TD Waterhouse brand.

The Chairman and Chief Executive Officer of TD Wealth Management was Bill Hatanaka, a former Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...

 executive. Before beginning his career in financial services, Hatanaka was educated at York University
York University
York University is a public research university in Toronto, Ontario, Canada. It is Canada's third-largest university, Ontario's second-largest graduate school, and Canada's leading interdisciplinary university....

 and played the position of running back for the Ottawa Rough Riders
Ottawa Rough Riders
The Ottawa Rough Riders were a Canadian Football League team based in Ottawa, Ontario, founded in 1876. One of the oldest and longest lived professional sports teams in North America, the Rough Riders won the Grey Cup championship nine times. Their most dominant era was the 1960s and 1970s, a...

. Mike Pederson is the current Group Head for Wealth Management, Insurance, and Corporate Shared Services.

External links

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