Toronto-based Fidelity Clearing Canada has reached a definitive agreement with Penson Financial Services Canada Inc. (Penson Canada) to facilitate an orderly transition of accounts and assets of certain of Penson Canada’s introducing broker and portfolio manager clients.
The companies said Monday they expect to complete the transition of referral clients in the fourth quarter, subject to regulatory and legal approval.
Fidelity says it will work closely with Penson Canada, industry regulators and clients to ensure a smooth and timely transition to the Fidelity Clearing Canada platform, which currently supports Canadian institutional, retail and investment management firms.
“This referral agreement allows us to leverage our strengths and scale, grow our organization and provide services to a broader base of clients,” says Todd Roadman, Chief Executive Officer, Fidelity Clearing Canada.
Since entering the market in 2009, Fidelity Clearing Canada has established relationships with more than 20 Canadian broker-dealers to provide clearing, custody and back-office support services.