One of the world’s largest clearing and settlement firms, Pershing LLC, has finally set up shop in Canada.
Its Canadian affiliate, Pershing Securities Canada Limited, is now a member of the Toronto Stock Exchange and will offer the same breadth of services and products to Canadian advisors that are available to its U.S. clients.
“We have been working with the Canadian financial community for more than 35 years. Now with the launch of our Pershing Canada affiliate, we can provide a full array of custody, clearing and execution services to the Canadian investment community,” says Frank LaSalla, CEO of Pershing Securities Canada Limited, and Managing Director at Pershing.
“This launch is a logical extension of our global strategy and affords us the opportunity to deepen the relationships we’ve already developed in the Canadian market.”
Pershing’s arrival has the potential to splinter the advice channel by providing services to advisors considering taking the truly independent road.
In a phased launch, the firm plans to start with its first client, Pershing LLC in the U.S., which will come onto the platform in the last quarter of 2012. This will be followed by Canadian IIROC-regulated firms.
Pershing plans to first offer its solutions to institutional firms that are IIROC members, followed by retail-oriented IIROC members.
The trading firm’s Canadian office will have on-the-ground staff in Toronto who will be responsible for servicing customers in the institutional and retail broker-dealer community as well as the investment advisor space in Canada.
More to come tomorrow.