TD Securities Announces Acquisition of Albert Fried & Company

September 13, 2016 9:06 AM EDT

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TD Securities U.S. continues to advance its U.S growth strategy and today announced the acquisition of Albert Fried & Company (AF&Co), an established New York-based broker-dealer.

The purchase of AF&Co's services and capabilities, which include self-clearing, securities lending and a prime brokerage technology platform in its final stages of development, is expected to help drive TD Securities' long-term, profitable U.S. growth.

"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 and expand our U.S. business," said Glenn Gibson, SVP & Vice Chair, 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."

As a leader in the Canadian prime brokerage market, TD Securities will leverage its expertise and is backed by its superior client service and the Toronto-Dominion Bank Aa1 (Moody's) credit rating and strong balance sheet.

"We continue to demonstrate our commitment to enhancing our U.S. footprint and building an integrated dealer to better serve the market," said Gibson. "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."

"Finding a strong cultural fit was crucial to our decision," said Albert Fried Jr., Chief Executive Officer, Albert Fried & Company. "We're proud of our 97-year history of strong customer service and value TD Securities' client-centric approach and focus on delivering best-in-class products and services."

The U.S. prime brokerage business will be led by David Santina, Managing Director, Equities, TD Securities.

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