Here are the top reads on deals and financial services over the week. Have a great weekend!
Canderel founder, CEO Jonathan Wener hands reins to JLL Canada’s Brett Miller as company prepares for international expansion: The founder of Canderel Ltd. is stepping down as chief executive after over four decades of running the privately-held Canadian real estate company. The 68-year old Wener, who will remain as chairman of his firm, will hand over the CEO reins to Brett Miller, currently the chief executive of commercial realtor JLL Canada. Story (Rachelle Younglai, for subscribers)
China’s Anbang Insurance takes steps for possible sale of Vancouver’s Bentall Centre office complex: Anbang Insurance Group is taking steps toward selling its Vancouver office buildings, only a few years after spending more than $1-billion on the prime downtown properties, according to a source with direct knowledge of the matter. Story (Rachelle Younglai, for subscribers)
Will a cryptocurrency credit card help take back finance? Supporters describe cryptocurrencies as a way to bypass banks and put payments back into the hands of the people. But opponents see cryptocurrencies as little more than souped-up versions of a money order, with no intrinsic value. In this podcast, we take a look at how the evolution of cryptocurrency is finally convincing the financial industry to get in on the act. Listen to the podcast
Canada Infrastructure Bank ‘actively engaged’ in 10 proposals, president says: The head of the Canada Infrastructure Bank says the 407 Express Toll Route, which has been criticized for its hefty fees, offers a “good example” for how the country can speed the construction of new projects. Barely a year old, the infrastructure bank is mandated to invest $35-billion over 11 years, with hopes it can leverage four to five times that in outside investments toward building new Canadian transportation networks, energy generation and other priorities. Story (Nathan VanderClippe, for subscribers)
Ontario eyeing more oversight: The Ontario government wants stricter regulations for financial planners in the province, including increased oversight of qualifications and training for advisers. Story (Clare O’Hara, for subscribers)
Danny Ardellini, former GFL executive, launches new waste-management company: Danny Ardellini helped build one of North America’s largest waste-disposal companies. Now, the former director of GFL Environmental Inc. is jumping back into the business in Alberta with the first of what’s expected to be a string of takeovers, backed by up to $100-million from former NHL star Paul Coffey and private-equity fund Almada Inc. Story (Andrew Willis, for subscribers)
Gateway Casinos attempts IPO again, looks to list on NYSE: Canadian private equity firm Catalyst Capital Group Inc. is attempting again to take Gateway Casinos and Entertainment Ltd. public, as the fund manager faces pressure from some investors to deliver returns. The initial public offering, filed on Tuesday, is the latest development in Catalyst’s long saga to cash in on the casino company. Story (Tim Kiladze, for subscribers)
Fourth-gen Belzberg kin leads digital lunch money firm to success: Kim Vivian-Downs and Evelyn Eagle were school bookkeepers in Southern Ontario with a knack for automating time-consuming office tasks such as attendance management when they hit upon an idea for a business. That was 22 years ago. Now, their firm, KEV Group Inc., is poised to become North America’s largest provider of cash accounting management and online payments software for public schools following the acquisition of its North Carolina rival, Technology Resource Associates Inc., with more than 16,500 schools using its products. Story (Sean Silcoff, for subscribers)
The consumer case for open banking: Collectively, the fintech members of the Financial Data and Technology Association of North America provide approximately 3.5 million Canadians – about 15 per cent of the country’s adult population – with access to new, technology-powered financial tools that help them manage their finances. Despite an ambiguous regulatory environment that can sometimes lead to blockages and restrictions from their banks, these consumers and small businesses have voted with their smartphones in favour of financial technology. Guest Opinion (Steve Boms)
Why Prem Watsa sees value in Stelco: Stocks that are broadly exposed to economic activity are struggling right now amid widespread concerns that the global economy is sputtering. But wait, there’s hope for investors: Fairfax Financial Holdings Ltd. has grabbed a major stake in Stelco Holdings Inc., the steelmaker based in Hamilton, which suggests that wily institutional investors are perhaps seeing compelling value in cyclical stocks. Story (David Berman, for subscribers)
Hot market: PI Financial Corp. is selling itself for $100-million, extending a recent string of acquisitions in a hot market for independent asset managers. Story (Tim Kiladze, for subscribers)
MORE FINANCIAL SERVICES NEWS FROM FRIDAY
Credit cards: Visa and Mastercard have offered to trim the fees merchants pay on card payments by tourists in the European Union in an attempt to stave off possible fines after a long-running antitrust investigation, people familiar with the matter said. Story (for subscribers)
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