Penson Financial Services Canada, Inc. has broadened its introducing/carrying broker agreement with Industrial Alliance Securities (IAS).
The increased mandate from the brokerage arm of Industrial Alliance Insurance and Financial Services, Canada’s fifth largest life insurance company, comes into effect in Q2 and will cover newly acquired brokerage operations, Lynch Investments and KingsGate.
Gatan Plante, President, Industrial Alliance Securities, comments: “Outsourcing our clearing operations to an independent, specialist supplier is intrinsic to our future growth and success. Penson enables us to stay focused on core competencies and respond to industry changes and business developments quickly and efficiently. Penson’s independent status also allows us the liberty to recruit new reps from the banking sector at large.”
Rick Ness, President, Penson Financial Services Canada Inc., comments: “As IAS continues to grow in product offerings and geographically throughout Canada, the need for efficient, cost-effective and flexible back office securities processing becomes increasingly important. Since IAS’s inception in 2002, we have assisted with a number of acquisitions.