TD Securities U.S. continues to advance its U.S growth strategy and today announced the acquisition of 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, profitable U.S. growth.
"Acquiring U.S. 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 U.S. business," said Glenn Gibson, SVP & Vice Chair, TD Securities U.S. "Our plan is to complete the technology platform development with the aim to be fully operational in the prime brokerage business in 2017."
As a leader in the Canadian prime brokerage market, TD Securities will leverage its expertise and is backed by its superior client service and the Toronto-Dominion Bank Aa1 (Moody's) credit rating and strong balance sheet.
"We continue to demonstrate our commitment to enhancing our U.S. footprint and building an integrated dealer to better serve the market," said Gibson. "When some global banks are scaling back, we're growing amidst industry changes, forming efficient infrastructures to deliver a global one-stop shop for clients, all within our risk appetite."
"Finding a strong cultural fit was crucial to our decision," said 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 U.S. prime brokerage business will be led by David Santina, Managing Director, Equities, TD Securities.
Additional Information
Focused on equity products, AF&Co offers institutional execution and trading services, including self-clearing and settlement capabilities, securities lending, custody and reporting, margin services, and prime brokerage technology.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves approximately 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 10.8 million active online and mobile customers. TD had CDN$1.2 trillion in assets on July 31, 2016. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About TD Securities
TD Securities provides a wide range of capital market products and services to corporate, government and institutional clients who choose us for our knowledge, innovation and experience in the following key areas of finance: investment, corporate and government banking, capital markets, interest rate, currency and derivative products. TD Securities works with clients around the world and our services include the underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and executing daily trading and investment needs. To learn more about TD Securities, visit www.tdsecurities.com.
About Albert Fried & Company, LLC.
Originally founded in 1919, Albert Fried & Company, LLC established its roots as a specialist firm on the New York Stock Exchange shortly after World War I. Albert Fried & Company, LLC has since evolved into a premier 'institutional-centric' financial services organization, providing prime brokerage and clearing, execution, trading services and trading technology, commission management and top-level research along with other services.Albert Fried & Company is ranked 10th in the list of oldest NYSE Member Firms that remain Member Firms.
