Montreal-based National Bank of Canada (TSX:NA) has completed one of the largest asset conversions in Canadian financial history, the company announced Friday.

Further to the bank’s acquisition of TD Waterhouse Institutional Services (TDWIS) in November 2013, a total of 248 client firms and independent market intermediaries, representing $39 billion in assets under management and 133,000 client accounts, have been integrated into the National Bank Correspondent Network (NBCN) in just seven months.

NBCN provides brokerage, custody, trading, clearing, settlement and record-keeping services for registered independent portfolio managers and introducing brokers.

As a result of the conversion, NBCN now serves more than 400 independent market intermediaries across the country, who in turn manage $102 billion in assets for approximately 500,000 Canadian investors. This acquisition significantly expands the scope of NBCN, confirming its position as a leader in this major and rapidly growing sector of the securities industry.

“We obtained great results during the conversion period. Almost all the firms doing business with TDWIS opted to remain with us and we thank them for their trust and understanding during the transition. Thanks to our diligent work and strong markets, NBCN was able to gain $4 billion more in assets under management than originally projected,” said Luc Paiement, executive vice president – wealth management and co-president and co-CEO of National Bank Financial.