TD Securities, the investment-banking unit of Toronto-Dominion Bank, created a precious metals business to trade in the gold, silver, platinum and palladium markets.
The division has five employees in Toronto, three in London and two in Singapore, and will make a “couple” of additional hires by the end of the first quarter, said Tim Gardiner, managing director, global precious metals.
TD Securities has been building its commodities operations globally, adding investment bankers and equity analysts, Gardiner said. In October, the bank increased its international fixed-income operation in London.
“We’re going to use this as a platform for further commodity trading,” Gardiner, 49, said in a telephone interview today from Toronto. “I would like to us to, within the next couple of years, be in a position that we can be accepted as market-makers” in the London Bullion Market Association.
Canada’s second-largest bank by assets reported last week that profit at its wholesale banking unit fell 74 percent to C$95 million ($94.4 million) because of lower fixed-income, credit and equity trading.