Latest news with #Toronto-based
Yahoo
8 hours ago
- Business
- Yahoo
BMO to buy wealth manager Burgundy in $456M deal
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. BMO agreed to acquire Toronto-based Burgundy Asset Management in a C$625 million ($456 million) deal expected to close by the end of the year, the institutions announced Thursday. 'In large part due to Burgundy's success, we have found it more difficult than expected to transition ownership of Burgundy from the founders and current leadership to the next generation of our people,' Tony Arrell, a co-founder of the wealth manager, told clients Thursday in a note seen by The Globe and Mail. BMO will hold back C$125 million of the purchase price on the condition that Burgundy maintains a minimum threshold of assets under management for 18 months after the deal closes. Burgundy counted $27 billion in AUM as of May 31. With the acquisition, BMO aims to boost its offerings that cater to high-net-worth and ultra-high-net-worth clients. After the transaction closes, Burgundy – which has 150 employees, along with offices in Toronto, Vancouver and Montreal – will operate as a part of BMO Wealth Management. Burgundy CEO Robert Sankey will continue to run the business. Arrell and fellow co-founder Richard Rooney will also remain with the business, BMO said. "It has always been our intention to build Burgundy for the long run, so we can serve our clients and their families across generations," Arrell said in a press release. 'After long study and much discussion, we ultimately determined that joining BMO, the strongest possible partner, offered the best path forward,' he said in the note to clients. BMO's pending purchase of Burgundy arguably represents a turn toward its home country of Canada as a pillar of growth. Historically, the U.S. has been a target for growth among Canadian lenders, but relations between the two neighbors have soured amid President Donald Trump's return to the White House, subsequent needling on tariffs, and persistent unsolicited comments that Canada should consider joining the U.S. Another Canadian lender, TD, has been trimming its U.S. exposure – though that likely is in response to a $434 billion asset cap regulators have put on the bank's U.S. retail business. The cap came in addition to more than $3 billion in penalties U.S. agencies handed the bank in October over deficiencies found in its money laundering safeguards. TD has since sold a $9 billion residential mortgage portfolio to Bank of America and signaled it would wind down a $3 billion portfolio tied to its U.S. point-of-sale financing business. Otherwise, investment in the U.S. by Canadian lenders has been touted as a source of strength. BMO in 2023 bought San Francisco-based Bank of the West in a $16.3 billion deal. Scotiabank agreed last August to take a nearly 15% stake in Cleveland-based KeyBank. And Royal Bank of Canada last year chose its longtime co-head of U.S. investment banking to serve as the Toronto lender's global head of investment banking – perhaps signaling the importance of the U.S. to the bank overall. As it stands, more than half of Burgundy's institutional client business comes from Canada, while 37% is in the U.S., according to the wealth manager's website. BMO Wealth Management, meanwhile, derived 19% of its net revenue last year from the U.S., according to Bloomberg. The BMO arm counted C$438 billion under management as of April 30. In a note to clients Thursday, Jefferies analyst John Aiken wrote that BMO's 'purchase price of 2.3% of assets under management represents reasonable value to expand [the bank's] high-net-worth client base.' Desjardins Securities analyst Doug Young said the deal aligns with BMO's plan to attain a 15% return on equity in the medium term, saying the price was 'in line with similar past transactions.' In another add-on to the deal, an earn-out component may also be paid depending on whether Burgundy hits certain growth targets. "Burgundy Asset Management is one of Canada's most respected independent investment managers known for its high calibre team, rigorous investment process and dedicated service to private clients, institutions and family offices," Deland Kamanga, group head of wealth management at BMO, said in Thursday's release. "The acquisition will build on BMO's heritage as a client-focused wealth manager while expanding our wealth advice and private investment counsel offering." Sign in to access your portfolio
India Today
16 hours ago
- Entertainment
- India Today
Drake loses $8 million in sports gambling: Hope I can post a big win
Apart from music, rap superstar Drake is also known for his high-stakes sports gambling. From the NBA to cricket, the Canadian rapper is often seen at major global events, betting huge amounts on games. He recently opened up about the downside of such gambles, revealing that he lost eight million in a single an Instagram story, Drake shared a screenshot of his Stake account, writing: 'Gotta share the other side of gambling. Losses are fried right now.' The 38-year-old has reportedly placed nearly 125 million in bets. 'I hope I can post a big win for you all soon, 'cause I'm the only one that has never seen a max these guys max once a week (sic),' he added. Drake shared a screenshot of his financial losses. (Photo Credit: Instagram/champagnepapi) advertisementEarlier this year, Drake placed a $750,000 bet on Royal Challengers Bengaluru against the Punjab Kings in the Indian Premier League final. Following his social media post, fans joked that the rapper's infamous curse had turned on him. The 'Drake Curse' is a pop culture phenomenon based on the idea that any athlete or team he supports usually ends up Toronto-based rapper hasn't shied away from acknowledging that reputation. In a recent promo video for Stake, he even joked about being a flawed bettor: 'I will not deny that. That's not my gift. I'll let everybody roll with it. I'm sure if you're a Drake Curse believer, there will be plenty more content in the future to confirm your theories, because my slips do not cash out. But one day I'm gonna have a parlay that's insane,' he the work front, Drake recently featured on Canadian rapper Smiley's latest album 'Don't Box Me In'. It marked Drake's first feature since PARTYNEXTDOOR's '$ome $exy $ongs 4 U' back in February this Watch
Yahoo
2 days ago
- Business
- Yahoo
Pearl Mini IVF Is Now RMA of San Diego
Rebranding Marks Expanded Scope of Services and Continued Commitment to Patients SAN DIEGO, June 18, 2025--(BUSINESS WIRE)--IVI RMA North America, a leader in assisted reproductive technologies with over 22 IVF laboratories throughout the U.S. and Canada, today announced the rebrand of Pearl Mini IVF, a leading fertility clinic in San Diego. Pearl Mini IVF, which has been part of the IVI RMA network for four years, will now operate as RMA of San Diego. While continuing to offer mini-IVF services, RMA of San Diego will expand to include the full scope of reproductive medicine options offered at all IVI RMA North America clinics. RMA of San Diego will continue to leverage IVI RMA's advanced research capabilities and expand and enhance its services beyond its original focus on mini-IVF: a specialized type of IVF that uses minimal amounts of hormone stimulating medication to achieve a response from the ovaries. The clinic's rebranding underscores its connection to IVI RMA's full suite of fertility services, unparalleled patient success rates, medical and technological advancements in reproductive medicine, state-of-the-art facilities, and highly trained doctors. "We are proud to introduce RMA of San Diego as the new brand for this clinic," said Thomas Molinaro, M.D., Reproductive Endocrinologist and Chief Medical Officer at IVI RMA North America. "As one of nine IVI RMA locations in California and six in the Southern California region, RMA of San Diego reaffirms our commitment to providing industry-leading care and outcomes in the region." Dr. Scott Morin, West Coast Medical Director of IVI RMA North America and co-founder of RMA of Northern California, will oversee RMA of San Diego's clinical operations. In this role, Dr. Morin will leverage his experience launching and growing RMA of Northern California to continue to serve the roughly 1 in 5 Californians who struggle with infertility, alongside Anastaysia Kosina, PA-C, Diana Tatsumi, PA, and Dr. Haley Genovese – who will join the practice in September. Updated brand elements will be integrated across the RMA Network website, social channels, and patient communications. About IVI RMA North AmericaIVI RMA North America, comprising Reproductive Medicine Associates, Boston IVF, and Toronto-based TRIO, spans 22 IVF laboratories and has helped women achieve pregnancies which have led to the birth of over 220,000 babies to date. Pioneers in innovative care, including PGT-A, single embryo transfer, fertility preservation, LGBTQ+ care, and more, the network has published over 1,000 papers which have pushed the fertility industry forward. Part of IVI RMA Global, one of the world's leading Reproductive Medicine groups committed to providing evidence-based fertility solutions with the greatest chance of success in the shortest time necessary to patients seeking treatment anywhere in the world. IVI RMA Global employs more than 4,400 people across 190+ locations in 14 countries. Learn more at and View source version on Contacts Media Contact: Cindi Goodsellcgoodsell@ 510-409-3646 Sign in to access your portfolio
Business Wire
2 days ago
- Business
- Business Wire
Pearl Mini IVF Is Now RMA of San Diego
SAN DIEGO--(BUSINESS WIRE)-- IVI RMA North America, a leader in assisted reproductive technologies with over 22 IVF laboratories throughout the U.S. and Canada, today announced the rebrand of Pearl Mini IVF, a leading fertility clinic in San Diego. Pearl Mini IVF, which has been part of the IVI RMA network for four years, will now operate as RMA of San Diego. While continuing to offer mini-IVF services, RMA of San Diego will expand to include the full scope of reproductive medicine options offered at all IVI RMA North America clinics. RMA of San Diego will continue to leverage IVI RMA's advanced research capabilities and expand and enhance its services beyond its original focus on mini-IVF: a specialized type of IVF that uses minimal amounts of hormone stimulating medication to achieve a response from the ovaries. The clinic's rebranding underscores its connection to IVI RMA's full suite of fertility services, unparalleled patient success rates, medical and technological advancements in reproductive medicine, state-of-the-art facilities, and highly trained doctors. 'We are proud to introduce RMA of San Diego as the new brand for this clinic,' said Thomas Molinaro, M.D., Reproductive Endocrinologist and Chief Medical Officer at IVI RMA North America. 'As one of nine IVI RMA locations in California and six in the Southern California region, RMA of San Diego reaffirms our commitment to providing industry-leading care and outcomes in the region.' Dr. Scott Morin, West Coast Medical Director of IVI RMA North America and co-founder of RMA of Northern California, will oversee RMA of San Diego's clinical operations. In this role, Dr. Morin will leverage his experience launching and growing RMA of Northern California to continue to serve the roughly 1 in 5 Californians who struggle with infertility, alongside Anastaysia Kosina, PA-C, Diana Tatsumi, PA, and Dr. Haley Genovese – who will join the practice in September. Updated brand elements will be integrated across the RMA Network website, social channels, and patient communications. About IVI RMA North America IVI RMA North America, comprising Reproductive Medicine Associates, Boston IVF, and Toronto-based TRIO, spans 22 IVF laboratories and has helped women achieve pregnancies which have led to the birth of over 220,000 babies to date. Pioneers in innovative care, including PGT-A, single embryo transfer, fertility preservation, LGBTQ+ care, and more, the network has published over 1,000 papers which have pushed the fertility industry forward. Part of IVI RMA Global, one of the world's leading Reproductive Medicine groups committed to providing evidence-based fertility solutions with the greatest chance of success in the shortest time necessary to patients seeking treatment anywhere in the world. IVI RMA Global employs more than 4,400 people across 190+ locations in 14 countries. Learn more at and
Yahoo
3 days ago
- Business
- Yahoo
Happy Belly Food Group's iQ Food's QSR Announces the Signing of a Franchisee and Real Estate Location for the City of Toronto
Toronto, Ontario--(Newsfile Corp. - June 18, 2025) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands across Canada is pleased to announce the signing of a new franchise agreement and the securing of a prime real estate location in Toronto's Avenue and Lawrence area. This milestone marks the third brand within our portfolio to become operational in this high-potential neighborhood. The upcoming location is expected to open in late Q3 of this year and will be led by a seasoned multi-unit franchisee who currently owns and operates several Heal Wellness restaurants across Toronto. The brand launching at this site will be iQ Food Co. ("iQ"), a Toronto-based QSR concept known for its vibrant selection of nourishing, clean-eating dishes-including healthy bowls, smoothies, sandwiches, soups, and salads-crafted to appeal to a wide range of tastes and lifestyles. Happy Belly 1 To view an enhanced version of this graphic, please visit: "Our rapid expansion of the iQ Food's brand reflects both our strong execution capabilities and the significant untapped potential we saw in the concept prior to acquisition," said Sean Black, Chief Executive Officer of Happy Belly. "Since completing our 100% acquisition of iQ on September 18, 2024-at which time the brand operated four locations-we have acted swiftly to scale the business. Key milestones include the appointment of Randall Papineau, former VP of Growth and Operations at FRESH Restaurants, as President of Emerging Brands; opened a location in partnership with Oliver & Bonacini at the Queen's Cross food court in CF Toronto Eaton Centre; and the signing of three area development agreements to fuel nationwide growth. These agreements will bring a combined total of 65 new iQ locations to Canada-20 in Alberta, 25 in Ontario, and 20 in British Columbia. This momentum affirms our confidence in the brand and positions iQ for sustained national expansion." Happy Belly 2 To view an enhanced version of this graphic, please visit: "Today marks a significant milestone with the first franchise agreement signed under our 65-unit area development plan for iQ. This will mark the seventh (7th) iQ location to open and operate this year, representing a 75% increase in unit count and putting us on track to double system sales within just 12 months of acquiring the brand. It reflects our commitment to growing iQ through disciplined, organic expansion, with a clear focus on key urban markets across Canada. iQ has firmly established itself as a leader in the premium healthy eating category, strategically located in high-density urban and business districts. With a strong and growing base of health-conscious customers-ranging from downtown professionals to local residents-the brand is also scaling its catering services to extend its reach. This strategy continues to drive brand awareness, customer loyalty, and sustained word-of-mouth growth." Happy Belly 3 To view an enhanced version of this graphic, please visit: "As we enter the second half of 2025, our focus remains on accelerating growth through organic development and targeted acquisitions. With a growing pipeline of restaurants across Canada, we expect to announce new projects in the coming months as we secure additional franchise partnerships and premium real estate. These efforts mark meaningful progress toward our goal of building a disciplined, scalable growth platform. Happy Belly currently has 551 contractually committed retail franchise locations-spanning planning, construction, and operational-and we continue to expand this pipeline into 2025 and 2026 by aligning with the right partners and sites."We are just getting started. About iQ Food Co. iQ is a flagship brand in Canada's premium healthy eating market and is strategically located in urban and central business districts. iQ serves a variety of delicious and wholesome food options such as healthy bowls, smoothies, sandwiches, soups, and salads, along with other flavorful clean-eating dishes that the whole family can enjoy. iQ caters to thousands of health-conscious customers from local businesses, while expanding into catering services to service an even greater audience in downtown densely populated areas. This strategy has fostered strong brand recognition and a loyal customer base driven by word-of-mouth and, most importantly, satisfied customers. FranchisingFor franchising inquiries please see or contact us at hello@ About Happy Belly Food GroupHappy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada. Happy Belly 4 To view an enhanced version of this graphic, please visit: Sean BlackChief Executive Officer Shawn MonizChief Operating Officer FOR FURTHER INFORMATION, PLEASE VISIT:www: or email hello@ you wish to contact us please call: 1-877-589-8805 Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management. Cautionary Note Regarding Forward-Looking Statements All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on To view the source version of this press release, please visit
