Canada : Fidelity Clearing Canada Executes Agreement to Transition Accounts and Assets from Penson Financial Services Canada Inc.
The companies expect to complete the transition of referral clients in Q4 of 2012, subject to regulatory and legal approval. Fidelity Clearing Canada will work closely with Penson Canada, industry regulators and clients to ensure a smooth and timely transition to the Fidelity Clearing Canada platform, which currently supports Canadian institutional, retail and investment management firms.
Established in 2009, Fidelity Clearing Canada has distinguished itself in the Canadian clearing market as a leading provider of clearing, custody and back-office support services to Canada-based brokerage firms, said Todd Roadman, Chief Executive Officer, Fidelity Clearing Canada. This referral agreement allows us to leverage our strengths and scale, grow our organization and provide services to a broader base of clients.
We are pleased that Fidelity Clearing Canada has agreed to work with us and with our clients through this transition, said John Skain, President and CEO of Penson Canada. There has always been a need for a strong independent Carrying Broker in Canada and we believe that by bringing these accounts to Fidelity directly, our team is acting in the best interest of our clients. We feel Fidelity is well-positioned to offer the service experience our clients have come to expect.
Since entering the market three years ago, Fidelity Clearing Canada has established relationships with more than 20 Canadian broker-dealers and built a reputation as a committed and strong participant in the Carrying Broker and Custody services market. In addition to an expanding client base, Fidelity Clearing Canada continues to invest in its core operating platform and other technology solutions to support the business needs of its clients.
Fidelity s reach, scale and commitment to a strong risk management and compliance culture creates a competitive advantage for our clients, said Roadman. We will work closely with clients, regulators, and Penson Canada to ensure an orderly transition of those clients that choose to move, while continuing to provide the service and support existing clients expect and deserve.
2012 Al Bawaba (Albawaba.com)
Provided by Syndigate.info an Albawaba.com company
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|Date:||Oct 3, 2012|
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