TD Securities acquires Albert Fried & Co. as it pursues U.S. expansion
TORONTO – TD Securities, the investment dealer arm of TD Bank (TSX:TD), is expanding in the United States by acquiring New York-based broker-dealer Albert Fried & Co.
Financial terms of the agreement were not immediately available.
The deal will see TD Securities acquire all of Albert Fried’s services and capabilities including self-clearing, securities lending and a prime brokerage technology platform.
David Santina, managing director of equities at TD Securities, will lead the U.S. prime brokerage business.
Albert Fried Jr., the CEO of Albert Fried & Co., said in a statement that finding a company whose culture was a good fit was key.
Glenn Gibson, senior vice-president and vice chair of TD Securities U.S., said the firm aims to be “fully operational” in the prime brokerage business next year.
“We continue to demonstrate our commitment to enhancing our U.S. footprint and building an integrated dealer to better serve the market,” Gibson said in a statement.
“When some global banks are scaling back, we’re growing amidst industry changes, forming efficient infrastructures to deliver a global one-stop shop for clients, all within our risk appetite.”
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