TORONTO, April 9, 2012 /CNW/ - Fidelity Clearing Canada® (FCC), a provider of clearing, custody and back-office support services to Canadian-based brokerage firms, today announced that it has successfully converted Dundee Securities Ltd. (Dundee Securities) onto its Canadian Clearing service platform.
Dundee Securities, a national full-service firm with both private client and institutional capabilities, chose Fidelity Clearing Canada for its ability to provide a comprehensive level of business support including one of the industry's leading brokerage platforms and sophisticated service models.
Representing approximately $4.0 billion in assets, Dundee Securities' conversion onto the Fidelity Clearing Canada platform included the transition of current market positions and balances and the complete conversion of over 10 years of transaction history on all client accounts.
"The move to a new clearing broker platform was an important step in the evolution of Dundee Securities," said Robert Sellars, Chief Financial Officer and Chief Operating Officer of Dundee Securities.
"Considering the complexity and scope of the conversion and after evaluating many alternatives, our team came to the conclusion that Fidelity Clearing Canada had the people, technology and service culture we needed."
"We are proud to have been chosen by Dundee Securities to support their business and pleased that we could meet their expectations for a timely conversion to our platform," said William (Bill) J. Henderson, CEO, Fidelity Clearing Canada. "The investment and commitment by both the Fidelity and Dundee teams has significantly expanded our retail capabilities and demonstrates the power of working together to achieve mutual goals."
Dundee Securities is the latest in a series of firms to successfully convert to the Fidelity Clearing Canada platform since that business was established in September 2009.
About Fidelity Clearing Canada
Based in Toronto, Fidelity Clearing Canada provides execution, clearing, custody and back-office support services to Canadian-based brokerage firms and the Canadian brokerage arms of U.S.-based firms. The business is part of Fidelity's U.S.-based clearing organization, National Financial, which serves nearly 300 broker-dealers representing over $385 billion in assets under administration (as of Dec. 31, 2011). For more information about Fidelity Clearing Canada, please visit https://clearingcanada.fidelity.com.
About Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of $3.6 trillion, including managed assets of $1.6 trillion, as of February 29, 2012. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
Fidelity Clearing Canada ULC ("FCC")* is an indirect, wholly-owned subsidiary of FMR LLC ("FMR"). FMR LLC and its subsidiaries collectively, including FCC and three other separate legal entities that are also Canadian securities registrants — Fidelity Investments Canada ULC, Pyramis Canada ULC and Pyramis Global Advisors LLC, conduct business under the "Fidelity Investments" name, which is a service mark of FMR and a registered business name of FCC.
National Financial is a registered service mark of FMR LLC.
Canadian clearing and custody services provided by Fidelity Clearing Canada ULC. U.S. clearing and custody services provided by National Financial Services LLC, member NYSE, SIPC. Fidelity Clearing Canada ULC and National Financial Services LLC are affiliates.
Dundee Capital Markets is an independent organization and is not affiliated with Fidelity.
National Financial Services LLC, Member NYSE, SIPC
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© 2012 FMR LLC. All rights reserved
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Vice President, Corporate Affairs