TD Bank 2009 Annual Report Download - page 38

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2009 MANAGEMENT’S DISCUSSION AND ANALYSIS34
Through our online brokerage, advice-based, and asset management businesses, TD Wealth
Management helps retail and institutional clients build, preserve, and transition wealth.
Global Wealth3
(millions of Canadian dollars) 2009 2008 2007
Revenue4
Discount brokerage $ 742 $ 743 $ 740
Asset management 643 777 797
Advice-based 820 808 776
Total Global Wealth5$ 2,205 $ 2,328 $ 2,313
1Assets under management: Assets owned by customers, managed by the Bank,
where the Bank makes investment selections on behalf of the client (in accordance
with an investment policy). In addition to the TD family of mutual funds, the Bank
manages assets on behalf of individuals, pension funds, corporations, institutions,
endowments and foundations. These assets are not reported on the Bank’s
Consolidated Balance Sheet.
2Assets under administration: Assets owned by customers where the Bank provides
services of an administrative nature, such as the collection of investment income
and the placing of trades on behalf of the clients (where the client has made their
own investment selection). These assets are not reported on the Bank’s
Consoli-
dated Balance Sheet.
3Excludes the Bank’s investment in TD Ameritrade.
4Certain revenue lines are presented net of internal transfers.
5Effective the third quarter of 2008, the Bank transferred the U.S. wealth manage-
ment businesses to the Wealth Management segment for management reporting
purposes. Prior periods have not been reclassified as the impact was not material
to segment results.
(billions of Canadian dollars)
ASSETS UNDER
MANAGEMENT1
07 0809
$171$171
$200
100
150
50
0
(billions of Canadian dollars)
ASSETS UNDER
ADMINISTRATION2
07 0809
$200
100
150
50
0
$191
(millions of Canadian dollars)
NET INCOME
07 0809
600
$800
400
200
0
$597
BUSINESS SEGMENT ANALYSIS
Wealth Management