Prime broker Pershing has launched a Canadian affiliate, Pershing Securities Canada Limited, and has joined the Toronto Stock Exchange prior to opening a new Toronto office geared toward Canadian advisers and broker-dealers.
Pershing will offer the same products, services, solutions and technology to locally registered firms as it does in the United States.
The firm is also planning a new Canadian office with on-the-ground staff in Toronto. The office will service institutional and retail broker-dealers as well as Canadian investment advisers.
The Canadian affiliate completed initial testing and will take on its first client, the U.S. affiliate Pershing LLC, in the fourth quarter this year. After that, it will begin taking on Canadian institutional clients who are regulated by the Investment Industry Regulatory Organization of Canada (IIROC), followed by IIROC-member retail clients.
“We have been working with the Canadian financial community for more than 35 years. Now with the launch of our Pershing Canada affiliate, we can provide a full array of custody, clearing and execution services to the Canadian investment community,” says Frank LaSalla, CEO of Pershing Securities Canada Limited and managing director at Pershing. “This launch is a logical extension of our global strategy and affords us the opportunity to deepen the relationships we’ve already developed in the Canadian market.”
(CG)