The New York discount brokerage TD Waterhouse Group said Wednesday that it will miss its 2001 growth targets, citing dwindling investment activity.

Steve McDonald, chief executive of the company, which is partly owned by Toronto-Dominion Bank of Canada, said in a conference call that "the outlook for the coming quarter is very different from what we faced a year ago." As a result, he said, it is unlikely that TD Waterhouse will hit its stated goal of opening 1.2 million accounts, representing $40 billion of customer assets, this year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.