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Shadow Banking Draws Canadians Where U.S. Banks Are Warned Away

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Canada’s largest money managers are joining the ranks of America’s shadow banks.

Public Sector Pension Investment Board, Canada’s fifth-largest pension plan, said last month it intends to open a loan-origination business in New York by year-end. That follows the Canada Pension Plan Investment Board’s $12 billion deal to acquire General Electric Co.’s business that lends to smaller companies.