Albert Fried under new management 06 October 2016New York Reporter: Mark Dugdale
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Canada’s TD Securities is expanding in the US with the acquisition of New York-based broker-dealer Albert Fried & Company.
TD Securities’s new US prime brokerage business will be led by David Santina, managing director of equities. Financial terms of the deal were not disclosed.
“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," commented Glenn Gibson, senior vice president and vice chair of TD Securities in the US.
He added: “Our plan is to complete the technology platform development with the aim to be fully operational in the prime brokerage business in 2017.”
Albert Fried expanded into prime lending in 2013, giving the prime broker the capability to provide both securities lending and select prime services to hedge funds, traders and other buy-side clients.
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