TD Securities US has acquired Albert Fried & Company (AF&Co), an established New York-based broker-dealer.
The purchase of AF&Co's services and capabilities, which include self-clearing, securities lending and a prime brokerage technology platform in its final stages of development, is expected to help drive TD Securities' long-term US growth.
"Acquiring US clearing and a technology platform enhances our capabilities and lays a solid foundation for us to integrate prime brokerage into our client service offering and expand our US business," says Glenn Gibson (pictured), senior vice president and vice chair, TD Securities US. "Our plan is to complete the technology platform development with the aim to be fully operational in the prime brokerage business in 2017."
"Finding a strong cultural fit was crucial to our decision," says Albert Fried Jr, chief executive officer, Albert Fried & Company. "We're proud of our 97-year history of strong customer service and value TD Securities' client-centric approach and focus on delivering best-in-class products and services."
The US prime brokerage business will be led by David Santina, managing director, equities, TD Securities.
