TD’s investment banking division is taking a more relaxed approach to getting its bankers back into the office. Unlike its American counterparts such as Goldman Sachs and JPMorgan, TD TD-T has landed on a hybrid model of three days in the office and two days working from home.
The division – TD Corporate and Investment Banking, part of TD Securities – had experienced a higher than normal turnover rate over the last two years of the pandemic, and keeping its employees happy was a key priority, said Robbie Pryde, executive vice-chair and head of corporate and investment banking.
“Some people exited the industry, some people went to private equity and some went home to ride this out and to figure out their next step,” he told The Globe and Mail. “But what did we learn during the pandemic? That our people were very interested in a work-life balance, and you have to constantly strive to make the workplace better.”
TD had tended to have a historically low turnover rate amongst bankers compared to other banks, which is why Mr. Pryde started paying attention when an unusual number of bankers, particularly junior ones, started quitting during the pandemic.
Effective this month – and in tandem with a bank-wide policy that encourages employees to come back into the office either a couple of times a week or full-time, with individual departments getting to decide – Mr. Pryde instituted a policy of three days in the office for his bankers.
The rationale, according to Rajni Singh, head of business management for corporate and investment banking, was that four days felt too heavy-handed and two days felt too light. “But when we rolled out the policy, we were very cautious to say to employees … ‘This is what we think will work, but we will continue to have conversations with you,’ ” Ms. Singh said.
The bank’s emphasis, at least outwardly, on maintaining a degree of flexibility around returning to the office, is prudent.
Employers’ plans to get a mass number of employees back into the office five days a week have, in some cases, spectacularly backfired. After a recent internal rebellion, Apple suspended its requirement that employees return to the office three times a week. Intuit, the California-based tax software company, had intended to mandate a two- or three-day return to the office on specific days, but has now backtracked on that requirement and allowed its 11,500 employees to work with managers and teams to decide what is best for them.
And after calling remote work an “aberration” that needed to be corrected “as quickly as possible,” Goldman Sachs CEO David Solomon reluctantly admitted in a recent CNBC interview that changing employee behaviour toward returning to the office would take time. The bank’s in-person attendance was only between 50 per cent and 60 per cent as of this May.
Bankers, too, had a particularly busy (albeit, lucrative) two years, as record levels of capital financing fuelled record levels of raises, IPOs, mergers and acquisitions. “When you’re in deal mode – which was most of 2020 and 2021 – the hours are significant,” Mr. Pryde said. “But when you’re not in deal mode … and things have softened a bit right now … employees need time to recharge.” This is part of the reason why TD is not angling for its bankers to return to the office five days a week.
“I’m not going to lie to you, people do like working from home for the most part, but of course there’s a need for social connectivity too,” Mr. Pryde said.
It appears that many large white-collar employers have landed on hybrid work as the current employer-employee compromise. This spring, both Bank of Nova Scotia and Royal Bank of Canada mandated that employees return to the office some days of the week, though the specific number of days would be determined by individual managers and departments. The software company Open Text closed 50 per cent of its offices and permanently adopted a hybrid work model for its 15,000 employees.
“This hybrid model is becoming fairly consistent and I suspect it is going to stay around for a long time,” said John Duda, president of real estate management services for Colliers Canada. “The thing that I’m hearing most from the big banks and tech companies is that you cannot have employees be 100-per-cent remote. It does not help with collaboration and innovation.”
Mr. Pryde agrees that there are advantages to in-person interactions. “I’m not really focused on the number of days people are in the office, but I do think it is better for them career-wise to tap into our apprenticeship model, where they are able to be face-to-face with folks and get to know their bosses and colleagues,” he said. “That’s the model we are trying to build.”
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Paul Holba appointed Chief Investment Officer of Empire Life Investments Inc. – Yahoo Finance
KINGSTON, ON, July 4, 2022 /CNW/ – Empire Life Investments Inc. (ELII) today announced the appointment of Paul Holba, CFA, as Chief Investment Officer. Mr. Holba also joins the executive leadership team of parent company The Empire Life Insurance Company (Empire Life).
Mr. Holba joined Empire Life’s retail distribution division in 2009, bringing with him more than 20 years of experience in the Canadian investment industry through progressively senior roles with global investment management firms and the asset management division of a major Canadian bank. He has held senior management roles in both Empire Life and ELII since then. For the past seven years, he has held the position of Vice-President, Retail Distribution, building strong relationships with and between advisors, investment professionals and strategic partners.
“Paul has deep knowledge of the investment and insurance sectors and has proven himself as a highly respected and engaging leader within the company and the industry,” says Mark Sylvia, President and CEO of Empire Life and ELII. “Under Paul’s leadership, the ELII investment management team will continue its focus on performance through investing in attractively valued, high-quality businesses with an emphasis on downside protection for our customers and institutional investors.”
About Empire Life Investments Inc.
Empire Life Investments Inc. is a wholly owned subsidiary of The Empire Life Insurance Company. The company manages and offers mutual funds and is the portfolio manager of Empire Life segregated funds, including Empire Life Guaranteed Investment Funds.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products. The company’s mission is to make it simple, fast and easy for Canadians to get the products and services they need to build wealth, generate income, and achieve financial security. As of March 31, 2022, Empire Life had total assets under management of $18.6 billion. Follow us on social media @EmpireLife or visit empire.ca for more information.
SOURCE The Empire Life Insurance Company
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2022/04/c4634.html
Why ETFs are a good investment value – Yahoo Finance
Exchange-traded funds, or ETFs, can be a good way to diversify your portfolio and can be cost-effective.
“ETFs are generally less costly and easier to access for investors,” said Ben Johnson, Morningstar’s director of global exchange-traded fund research. “They offer investors access to a whole host of investment strategies, from total market indexes to actively managed portfolios of stocks linked to the metaverse, with low fees, superior tax efficiency, and often much smaller investment minimums—typically as low as the price of a single share.”
Here’s what industry experts have to say about how to make ETFs sound investment values.
Johnson notes it’s important to know and respect what the “ET” in ETF stands for. “ETFs trade like stocks, and investors should practice good hygiene when it comes to trading them to avoid running up a big trading cost bill,” he said.
Specifically, Johnson explained that investors should consider using limit orders when buying and selling ETFs.
“This will help to ensure that they get the price they ask for (if not better) and prevent them from transacting at a price they might not like,” he said.
ETFs are fully transparent, said Tom Lydon, vice chairman with VettaFi.
“They frequently update their holdings, so investors know exactly what they are getting themselves into,” he said.
Also, Lydon explained that ETFs are more tax efficient than traditional open-end funds. Due to structural differences, said Lydon, ETFs do not incur a capital gains tax like how mutual funds would, but still come with a capital gains tax upon the sale of the ETF by an investor.
According to Lydon, ETFs may be seen as an improved version of their mutual fund cousins, providing the benefits of mutual funds and then some.
“Some of the key selling points of ETFs beyond traditional open-end funds may include things like lower expense ratios, flexible intraday trading, transparent nature and improved tax efficiency for taxable accounts,” Lydon said.
Finally, unlike mutual funds that are bought and sold once per day after the market closes, ETFs trade all day long.
“If you are familiar with trading individual company stocks on a brokerage platform, then picking up an ETF should be a similar experience,” continued Lydon.
Furthermore, he said more knowledgeable investors may also utilize various trade orders for executing ETF trades, including limit orders and stop-limit orders, along with short selling, to better manage their investment experience.
Salim Manji Acquires 10,000 Shares of Artis Real Estate Investment Trust Unit (TSE:AX.UN) Stock – MarketBeat
Artis Real Estate Investment Trust Unit (TSE:AX.UN – Get Rating) Director Salim Manji bought 10,000 shares of Artis Real Estate Investment Trust Unit stock in a transaction that occurred on Wednesday, June 29th. The shares were acquired at an average price of C$11.65 per share, for a total transaction of C$116,500.00. Following the acquisition, the director now directly owns 2,315,475 shares in the company, valued at approximately C$26,975,283.75.
Shares of AX.UN traded down C$0.02 during midday trading on Friday, hitting C$11.76. The company had a trading volume of 419,951 shares, compared to its average volume of 431,720. The company’s 50 day moving average price is C$12.50 and its 200 day moving average price is C$12.58. The stock has a market cap of C$1.37 billion and a price-to-earnings ratio of 2.76. Artis Real Estate Investment Trust Unit has a 52 week low of C$10.93 and a 52 week high of C$13.76. The company has a quick ratio of 0.05, a current ratio of 0.15 and a debt-to-equity ratio of 79.99.
AX.UN has been the topic of several recent research reports. National Bankshares lifted their target price on shares of Artis Real Estate Investment Trust Unit from C$12.25 to C$12.50 and gave the company a “sector perform” rating in a report on Monday, March 7th. Laurentian Bank of Canada lifted their price target on shares of Artis Real Estate Investment Trust Unit to C$15.00 and gave the stock a “buy” rating in a research note on Monday, March 7th. BMO Capital Markets lifted their price target on shares of Artis Real Estate Investment Trust Unit from C$13.00 to C$14.00 in a research note on Monday, March 7th. Laurentian lifted their price target on shares of Artis Real Estate Investment Trust Unit from C$13.50 to C$15.00 in a research note on Monday, March 7th. Finally, Scotiabank lifted their price target on shares of Artis Real Estate Investment Trust Unit from C$12.75 to C$13.50 in a research note on Tuesday, March 8th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$13.53.
About Artis Real Estate Investment Trust Unit (Get Rating)
Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial properties. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States.
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Paul Holba appointed Chief Investment Officer of Empire Life Investments Inc. – Yahoo Finance
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