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Credential Financial has launched a new division of Credential Securities.

This new division, called Correspondence Partners, was formed in response to the need for an independent, Canadian provider of custody and trading services for portfolio managers and wealth management firms.

Credential is a wealth management firm that serves more than 200 credit unions and financial firms.

“We’ve experienced significant growth in our business, recently reaching $14.7 billion in assets under administration,” says Doce Tomic, president and CEO of Credential.

Earl Bederman, president of Investor Economics, adds, “Credential’s current client base of credit unions will be impacted by the trends in Canada’s wealth structure.” He says it’s beneficial to offer them this access to leading, independent asset managers.

Read: Small credit unions squeezed by Budget 2013

Credential hired Kevin Vanderheyden as senior vice president and Chris Chen as vice president of Credential Correspondent Partners.

Read:

Credential Securities to use Broadridge platform

Credential launches self-clearing platform

Originally published on Advisor.ca

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