TD Securities to Acquire New York Broker-Dealer Albert FriedBy
TD Securities agreed to buy New York broker-dealer Albert Fried & Co. to expand its business in the U.S.
The purchase includes Albert Fried’s self-clearing and securities lending business, as well as a prime-brokerage platform, Toronto-based TD Securities, a unit of Toronto-Dominion Bank, said Tuesday in a statement that didn’t include terms. The firm’s U.S. prime brokerage business will be led by David Santina, according to the statement.
“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.” said Glenn Gibson, vice chairman of 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."