TD Bank Group has agreed to buy asset management firm Epoch Holding (EPHC) for $668 million in cash.

TD had been looking to acquire a U.S. asset manager to build its North American wealth business, Mike Pedersen, group head of wealth management, insurance and corporate shared services for TD, said Thursday in a news release. The deal "makes strategic sense for TD. It will broaden our offer for institutional and retail clients in Canada and will immediately and significantly strengthen our U.S. wealth business," he said.

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