Burlington, Ont.-based Mandeville Wealth Services Inc., the fund dealer subsidiary of Michael Lee-Chin's Mandeville Holdings Inc., Monday announced that its mutual fund representatives will now be able to offer their clients access to exchange traded mutual funds (ETFs).
Leveraging a relationship with Broadridge Financial Solutions, Inc. (NYSE: BR), Fidelity Clearing Canada ULC and Mandeville Private Client Inc., Mandeville reps will now be able to incorporate a range of ETFs into their investment portfolios.
Announcing the new service platform, Frank Laferriere, chief operating officer for Mandeville, stated: "Mutual fund representatives have, up until now, been prevented from offering their clients access to ETFs. The lack of access to ETFs was not primarily due to legal or registration reasons, but because of technological limitations and lack of creativity." (See Investment Executive, ETFs: Removing a roadblock, May 2014.)
"Through our relationship with Broadridge, we were able to overcome these challenges and it is to the great benefit of our mutual fund representatives and their clients," Laferriere said.
Mandeville reps will place ETF trades directly on Broadridge's Dataphile platform. Those trades will be executed through the Mandeville Private Client Inc. relationship with its carrying broker, Fidelity Clearing, which will execute, settle and custody the ETFs on behalf of Mandeville using Dataphile.
Mandeville's clients will receive the benefits associated with Mandeville's membership in the Mutual Fund Dealers Association of Canada (MFDA) and the MFDA Investor Protection Corp.and its Investor Protection Corp. (IPC).
Mandeville Holdings Inc. is the parent company, founded by Michael Lee-Chin, of the Mandeville group of companies which includes Mandeville Private Client Inc., Mandeville Wealth Services Inc., Mandeville Insurance Services Inc. and Portland Investment Counsel Inc.