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Globe and Mail
6 days ago
- Business
- Globe and Mail
Alberta's ATB Financial in talks to buy investment bank Cormark Securities
ATB Financial is in talks to acquire Cormark Securities Inc., according to sources familiar with the process, a takeover that would make the Alberta government-owned financial institution a national player in a sector consolidating around the banks and boutique advisory firms. If Edmonton-based ATB Financial can close the purchase, which is estimated to cost more than $35-million, it would mark a significant expansion for a provincial player traditionally focused on raising money for oil patch clients. The two companies are still negotiating, and a deal may not be concluded, sources say. Toronto-based Cormark, owned by its 100 employees, is one of the few remaining independent dealers offering its clients - companies and institutional investors - a full menu of services, including stock trading, sales and research. The downturn in financing activity at small- to mid-sized public companies, along with a two-year drought in initial public offerings, prompted Cormark executives to launch talks with potential partners and buyers, including ATB Financial, according to five sources familiar with the sales process. The Globe and Mail agreed not to name the sources because they are not authorized to speak for Cormark and ATB Financial. Over the past two years, Cormark pitched at least two other potential buyers - St. Petersburg, Fla.-based Raymond James Ltd. and Canadian Western Bank, which was headquartered in Edmonton - prior to opening talks with ATB Financial, according to two of the sources. In February, National Bank of Canada bought Canadian Western. ATB said Friday it had no comment on the talks. 'Like many organizations, ATB continually explores various strategic options to enhance our business growth and shareholder value. It is not appropriate to comment on rumours or speculation,' the company said in an e-mailed statement. Cormark chief executive officer Susan Streeter also declined to comment Friday on a potential transaction. Cormark has an estimated $35-million in capital and its employee owners are targeting a premium on this capital in a sale, according to one source. There are differences in the cultures of ATB Financial, which owns energy-focused investment bank ATB Capital Markets, and Cormark, which serves a broad array of mid-sized companies. Some Cormark employees may choose to depart, rather than work for a government-owned financial institution, three of the sources suggested. ATB Financial has previously used acquisitions to expand its business. In 2024, the company bought BCV Asset Management Inc., a Winnipeg-based fund manager with $5.8-billion in assets under management. When ATB Financial chief executive officer Curtis Stange announced the BCV purchase, he said: 'ATB Financial has been pursuing new opportunities to partner with leading firms that will create long-term value for our clients.' Between 2018 and 2020, ATB Financial acquired full control of investment bank AltaCorp Capital after the death of founder George Gosbee, then renamed the dealer ATB Capital Markets. Cormark brands itself as the Canada's leading mid-market investment bank, a position that means the dealer competes with both far larger domestic and foreign banks and smaller advisory firms that avoided running expensive trading desks, which face rising compliance costs. Cormark has offices in Toronto and Calgary. The firm's analysts cover 240 companies and the dealer has helped raise more than $100-billion for corporate clients in the past decade. In the first half of the year, Cormark led nine stock sales that raised a total of $270-million, which ranked 10th among domestic investment banks, according to data from LSEG Data & Analytics. Cormark accounted for 2.5 per cent of domestic underwriting done so far this year. Market leader RBC Capital Markets had a market leader 26-per-cent share of stock sales. The largest domestic independent investment bank, Canaccord Genuity Group Inc., held a 7-per-cent share, leading 20 equity offerings. Toronto-based Canaccord Genuity built its platform by both advising on deals and acquiring wealth management businesses and now has a $1.1-billion market capitalization. Cormark has steered clear of hiring financial advisors and fund managers. Cormark was co-founded in 1981 as Sprott Securities by financier and gold bug Eric Sprott. In 2000, Mr. Sprott departed to devote his attention to the money management company that still sports his name, Sprott Inc., which runs US$35-billion of funds investing in commodities such as gold, silver and uranium. In 2007, employees rebranded the investment dealer Cormark. Consolidation among Cormark's rivals included the sale of GMP Capital Inc. to St. Louis-based Stifel Financial Corp. in 2019, and Toronto-Dominion Bank's purchase of Newcrest Capital Inc. in 2000. Two investment banks with a client base similar to Cormark's - PI Financial Corp. and Echelon Wealth Partners Inc. - merged in 2023 and rebranded as Ventum Financial Corp. with files from James Bradshaw
Calgary Herald
6 days ago
- Business
- Calgary Herald
Alberta's economy is expected to outperform this year, but young people are still struggling to find work
Article content Taryn Leahy has been trying to find a job in Calgary for months and figures she has sent out 160 resumés since she started looking in January. It's been exhausting, she says, and demoralizing. Article content She said her dream job would be working in a biology lab as a research assistant, putting the degree she earned at the University of Calgary last winter to good use. At this point, she'd settle for a part-time role as a receptionist, but even finding something like that is proving to be an overwhelming challenge. Article content Article content Article content The jobless rate for this group was the highest in the country for much of the spring, hitting 17.2 per cent in both April and May. Things improved in June, with the rate falling to 16.4 per cent, still the second-highest in Canada, next to Newfoundland and Labrador, Statistics Canada said Friday. Article content It might be comforting to know other Canadians are also feeling cheated out of a first crack at the workforce. But it doesn't put cash in Leahy's pocket, nor does it add crucial lines to her resumé. Article content Article content Her generation is caught up in a world of paradoxes. Alberta's economy is expected to be the country's top performer this year, according to some forecasts, and yet its younger workers are dealing with levels of unemployment they would typically see in a recession. Article content Outside the pandemic, Alberta's job market hasn't been this bad for both men and women under 25 since the downturn of the early 1990s, according to Statistics Canada data. Article content Article content A mix of political and economic forces are working against them. Gen-Zers across Canada are feeling the effects of United States President Donald Trump's unpredictable trade policies, Mark Parsons, chief economist at ATB Financial, said. Article content Employers are not hiring as much, worried the Trump administration could unleash a new round of tariffs at any moment, potentially derailing entire industries or perhaps slowing the global economy and the appetite for Canadian exports, he said.
Yahoo
26-06-2025
- Business
- Yahoo
Alberta's economy: Finding a footing in turbulent times
ATB Financial Quarterly Economic Outlook EDMONTON, AB, June 26, 2025 /CNW/ - ATB Financial's latest economic outlook shows a modest upgrade to the province's growth forecast, even as global trade negotiations and geopolitical tensions remain key sources of uncertainty. The report notes some de-escalation in trade tensions since the early spring, which offers a cautious improvement to the economic picture. While the broader trade landscape remains challenging, Alberta's economy continues to show a degree of resilience, underpinned by activity in residential construction, steady energy production, and sustained population growth. Real GDP is forecast to grow by 1.9% in 2025 and 2.2% in 2026. That's an upgrade from 1.5% and 1.9%, respectively, in March. "Alberta's economy is feeling the effects of the trade war, and the outlook for oil prices has softened. However, we expect that Alberta's economy will continue to weather the turmoil better than other provinces more exposed to U.S. tariffs," says ATB Financial's Chief Economist, Mark Parsons. "While population-driven demand and energy exports provide some foundational support, the unemployment rate is expected to remain elevated as employers remain cautious on hiring and more people enter the workforce." ATB Economics forecasts that the Alberta economy will outpace the expected Canadian growth of 1.0 per cent this year. Alberta's higher growth will be driven by home construction and energy production supported by the Trans Mountain Expansion. Natural gas producers will benefit from the start of LNG Canada and increased demand from AI data centres. A broadening of Alberta's economic base, with recent expansions in sectors such as food processing, petrochemicals, and technology, supports the longer term outlook. "While U.S. trade policy has been highly disruptive, it has also shone a spotlight on Canada's domestic challenges that long pre-dated President Trump's second term. In particular, there will need to be a sustained improvement in private capital investment in Alberta and Canada to drive future economic growth and productivity. Successfully fast-tracking major projects represents a clear upside to our forecast." added Parsons. While the path forward is not without its challenges, solid fundamentals support Alberta's medium term outlook, namely, abundant natural resources, a skilled and young workforce, and relatively affordable housing. About ATB FinancialWith $64.2 billion in assets, ATB Financial is a leading financial institution that started in Alberta with the focus of putting people first. Our success comes from our more than 5,000 team members who love to deliver exceptional experiences to over 835,000 clients across our Personal and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB provides expert advice, services and products through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres and our digital banking options. ATB powers possibilities for our clients, communities and beyond. ATB is bronze certified as part of the Partnership Accreditation in Indigenous Relations commissioned by the Canadian Council for Indigenous Business. More information about ATB can be found at General DisclosureATB Financial's Economic Outlook is intended for general information and educational purposes only and should not be considered specific legal, financial, tax or other professional advice or recommendations. Information presented is believed to be reliable and up-to-date but it is not guaranteed to be accurate or a complete analysis of the subjects discussed. All expressions of opinion reflect the judgement of the authors as of the date of publication and are subject to change. The actual outcome may be materially different. ATB Financial and any of its affiliates are not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by ATB Financial or any of its affiliates and related entities. For more information or interview requests, please contact:ATB Financial, Media Relations Team media@ SOURCE ATB Financial View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
26-06-2025
- Business
- Cision Canada
Alberta's economy: Finding a footing in turbulent times
ATB Financial Quarterly Economic Outlook EDMONTON, AB, June 26, 2025 /CNW/ - ATB Financial's latest economic outlook shows a modest upgrade to the province's growth forecast, even as global trade negotiations and geopolitical tensions remain key sources of uncertainty. The report notes some de-escalation in trade tensions since the early spring, which offers a cautious improvement to the economic picture. While the broader trade landscape remains challenging, Alberta's economy continues to show a degree of resilience, underpinned by activity in residential construction, steady energy production, and sustained population growth. Real GDP is forecast to grow by 1.9% in 2025 and 2.2% in 2026. That's an upgrade from 1.5% and 1.9%, respectively, in March. "Alberta's economy is feeling the effects of the trade war, and the outlook for oil prices has softened. However, we expect that Alberta's economy will continue to weather the turmoil better than other provinces more exposed to U.S. tariffs," says ATB Financial's Chief Economist, Mark Parsons. "While population-driven demand and energy exports provide some foundational support, the unemployment rate is expected to remain elevated as employers remain cautious on hiring and more people enter the workforce." ATB Economics forecasts that the Alberta economy will outpace the expected Canadian growth of 1.0 per cent this year. Alberta's higher growth will be driven by home construction and energy production supported by the Trans Mountain Expansion. Natural gas producers will benefit from the start of LNG Canada and increased demand from AI data centres. A broadening of Alberta's economic base, with recent expansions in sectors such as food processing, petrochemicals, and technology, supports the longer term outlook. "While U.S. trade policy has been highly disruptive, it has also shone a spotlight on Canada's domestic challenges that long pre-dated President Trump's second term. In particular, there will need to be a sustained improvement in private capital investment in Alberta and Canada to drive future economic growth and productivity. Successfully fast-tracking major projects represents a clear upside to our forecast." added Parsons. While the path forward is not without its challenges, solid fundamentals support Alberta's medium term outlook, namely, abundant natural resources, a skilled and young workforce, and relatively affordable housing. About ATB Financial With $64.2 billion in assets, ATB Financial is a leading financial institution that started in Alberta with the focus of putting people first. Our success comes from our more than 5,000 team members who love to deliver exceptional experiences to over 835,000 clients across our Personal and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB provides expert advice, services and products through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres and our digital banking options. ATB powers possibilities for our clients, communities and beyond. ATB is bronze certified as part of the Partnership Accreditation in Indigenous Relations commissioned by the Canadian Council for Indigenous Business. More information about ATB can be found at General Disclosure ATB Financial's Economic Outlook is intended for general information and educational purposes only and should not be considered specific legal, financial, tax or other professional advice or recommendations. Information presented is believed to be reliable and up-to-date but it is not guaranteed to be accurate or a complete analysis of the subjects discussed. All expressions of opinion reflect the judgement of the authors as of the date of publication and are subject to change. The actual outcome may be materially different. ATB Financial and any of its affiliates are not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by ATB Financial or any of its affiliates and related entities.
Global News
12-06-2025
- Business
- Global News
Price of beef in Alberta keeps rising, cost linked to cow supply: economist
The rising cost of groceries is something all Albertans are experiencing whether they eat meat or not, but for people in the province who consume beef, the price increase is likely particularly noticeable. In a post on ATB Financial's website this week, the financial institution's deputy chief economist said the increased costs faced by beef consumers are linked to high consumer demand coupled with the decreasing number of cows across the country. He added that because rebuilding the herd will take time, 'beef prices are likely to stay elevated for some time to come.' 'According to Statistics Canada, the Canadian cattle herd hasn't been as small as it was at the start of 2025 since 1988 (1994 in Alberta),' Rob Roach wrote. 'In the United States, the cattle herd is the smallest it has been in 73 years.' Story continues below advertisement View image in full screen Cattle stand in a pasture on a farm in Alberta Thursday, Nov. 30, 2023. THE CANADIAN PRESS/Jeff McIntosh Roach noted Statistics Canada data reveals that the average price of cattle for slaughter in Alberta was 14 per cent higher in April compared to the same time last year, while the price of cattle for feeding was 26 per cent higher. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'In both cases, the monthly price was the highest it has ever been,' he wrote. The finance chair of a non-profit that represents Alberta beef producers told Global News on Thursday that the people her organization represents have been dealing with the challenges of inflation, drought and wildfires in the last few years. Brenda Rosadiuk of Alberta Beef Producers said some farmers' pastures have burned in wildfires. 'You don't have the forage for your cattle (if it burns),' she explained. 'Your hay land isn't producing. Story continues below advertisement 'It affects your feed (because) you still cover the same amount of land to make your hay. You still have those input costs but you're not getting the production.' Rosadiuk said while Alberta producers are grateful when beef prices are up, they realize there are 'difficult decisions for shoppers now when they go to the grocery store.' 'You have to make good budget decisions,' she acknowledged of the challenges facing consumers. 'The high prices are a boon for the cow/calf sector but can be challenging for the feedlot and packing sectors,' Roach wrote. For people still wanting to eat beef but on a budget, Rosadiuk recommended buying cheaper cuts of beef and then slow cooking them to make them more tender. — with files from Global News' Erik Bay
