Prime broker Merlin Securities has launched operations in Canada after receiving approval from the Investment Industry Regulatory Organization of Canada (IIROC) to operate as a dealer member. At the same time, it has appointed Daniel Dorenbush as CEO of Merlin Canada Ltd.
Merlin, which scores especially well for technology and reporting in GCs surveys of prime brokers, is one of a number of successful mini-primes. GCTV featured a video on the topic earlier this year.
Merlin Canada will offer custody and clearing through the National Bank Correspondent Network (NBCN), a subsidiary of National Bank Financial, in addition to Merlins current roster of U.S. clearing and custodial options.
We are delighted to have Daniel on board and to be working with NBCN, the Canadian leader in third-party and brokerage services, said Aaron Vermut, co-founder and COO of Merlin and chairman of Merlin Canada Ltd. As the first and only introducing prime brokerage services company in Canada we see a significant opportunity both for Merlin and for Canadian managers. We have more than 500 hedge fund clients in the U.S. and one priorityto provide the technology and services that enable our clients grow to their businesses. We look forward to bringing our innovative product suite to Canadian hedge funds.
As CEO, Dorenbush will be responsible for introducing prime brokerage services and technology solutions to Canadian alternative investment managers.
The Canadian prime brokerage landscape is very different from that of the United States, said Dorenbush. Apart from the largest Canadian banks, there are no significant competitors in Canada and certainly none who offer Merlins combination of cutting-edge technology, trading execution, capital introduction and custody solutions. In this way, Merlins entry into the market is a potential game-changer. Im truly excited about the opportunity to provide Canadian managers with the same tools and competitive advantages that Merlins U.S. clients have.
Merlin also recently launched an iPad app for portfolio managers.