Fidelity Clearing Canada has reached a definitive agreement with Penson Financial Services Canada to facilitate an orderly transition of the accounts and assets of some of Penson’s clients.
These customers are part of its Introducing Broker and Portfolio Manager division.
The companies expect to complete the transition in Q4 of 2012, subject to regulatory and legal approval. Fidelity Clearing will work closely with Penson, industry regulators and clients to ensure a smooth and timely transition to the Fidelity platform, which currently supports Canadian institutional, retail and investment management firms.
“This referral agreement allows us to leverage our strengths and scale, grow our organization and provide services to a broader base of clients,” says Todd Roadman, CEO, Fidelity Clearing 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,” says John Skain, President and CEO of Penson Canada.
Since entering the market three years ago, Fidelity has established relationships with more than 20 Canadian broker-dealers. In addition to an expanding client base, the company continues to invest in its core operating platform and other technology solutions to support the business needs of its clients.