Canada's TD Bank Group has acquired New York City-based Epoch Holding Corporation, including its subsidiary Epoch Investment Partners, for a cash sum of around $668 million.  

With the transaction, TD expects to add some $24 billion in assets under management at closing to the $207 billion already under management by TD Asset Management. Following the completion of the transaction, Epoch will continue to operate and serve clients under its current brand name and operating structure.

"We've been looking for an opportunity to acquire a US asset manager to build our North American wealth business, which is a key growth area for TD," said Mike Pedersen, group head of wealth management, insurance and corporate shared services, at TD.

"Epoch will enable TD Asset Management to substantially broaden our expertise in US and global equities," added Brian Murdock, chairman and chief executive at TD Asset Management.

Epoch shareholders will receive $28.00 in cash per share - a premium of approximately 28 per cent to Epoch's closing price on December 5.

According to a statement, Epoch's board of directors has unanimously recommended the transaction to their shareholders for approval.