TD Bank reports $1.6 billion profit in fourth quarter, announces U.S. acquisition

TORONTO — TD Bank Financial Group (TSX: TD) is buying the U.S.-based Epoch investment management business for US$668 million in cash, a relatively modest amount for one of Canada’s biggest banking groups.

The purchase was announced as TD released its fourth-quarter and full-year results for 2012. TD reported it had $1.6 billion of net income in the fourth quarter, bringing the total for year ended Oct. 31 to $6.47 billion.

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