Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Epoch Investment Partners (NASDAQ: EPHC) skyrocketed 26% today after Canadian banking giant Toronto-Dominion Bank (NYSE:TD) agreed to purchase the investment manager for $668 million.

So what: The all-cash deal values Epoch at $28 per share and represents a 28% premium over its closing price on Wednesday. TD Bank is making the move to expand its asset management business in the U.S., with Epoch adding about $24 billion in assets to the $207 billion that TD Asset Management already manages.

Now what: The transaction is expected to close in the first half of 2013. "Epoch will enable TD Asset Management to substantially broaden our expertise in U.S. and global equities," said TD Asset Management CEO Brian Murdock. "This transaction represents an excellent opportunity for both Epoch and TD Asset Management to build on our respective strengths to solve client need." So while Epoch shares are likely all popped out at this point, TD's newly bolstered U.S. asset management business might help drive some outsized gains over time.

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