MONTREAL, July 11, 2014 /CNW Telbec/ - Further to its acquisition of TD Waterhouse Institutional Services (TDWIS) in November, National Bank has just completed one of the largest asset conversions in Canadian financial history.
A total of 248 client firms and independent market intermediaries, representing $39 billion in assets under management and 133,000 client accounts, have been integrated into the National Bank Correspondent Network (NBCN) in just seven months. NBCN is Canada's premier provider of brokerage, custody, trading, clearing, settlement and record-keeping services for registered independent portfolio managers and introducing brokers.
As a result, NBCN now serves more than 400 independent market intermediaries across the country, who in turn manage $102 billion in assets for approximately 500,000 Canadian investors. This acquisition significantly expands the scope of NBCN, confirming its position as a leader in this major and rapidly growing sector of the securities industry.
"We obtained great results during the conversion period. Almost all the firms doing business with TDWIS opted to remain with us and we thank them for their trust and understanding during the transition. Thanks to our diligent work and strong markets, NBCN was able to gain $4 billion more in assets under management than originally projected. For the Bank, this is an important step toward further expanding its presence across Canada," said Luc Paiement, Executive Vice-President - Wealth Management and Co-President and Co-Chief Executive Officer of National Bank Financial.
National Bank held a meeting with investors on Thursday, June 12 in Toronto. Several Wealth Management executives presented their activities, including those of NBCN. For more information: www.nbc.ca/en/about-us/investors/investor-relations/presentations-and-events.html
About National Bank of Canada
With $194 billion in assets as at April 30, 2014, National Bank of Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX:NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca.
About National Bank Correspondent Network
With more than 20 years of continuous service, National Bank Correspondent Network is an important provider of wholesale securities processing in Canada and continually redefines the industry through innovative product development, expert client care and leading technology. National Bank Correspondent Network provides execution, clearing, custody, prime brokerage and administrative services to independent securities firms and portfolio managers. The team is dedicated to giving its clients the very best service and the breadth of investment choices necessary to build a successful practice.
Certain statements included in this press release constitute forward-looking statements meant for its interpretation and shouldn't be used for other purposes. These forward-looking statements are made as of the date of this document. There is a strong possibility that express or implied projections contained in these forward-looking statements will not materialize or will not be accurate. The Bank recommends that readers not place undue reliance on these statements, as a number of factors, many of which are beyond the Bank's control, could cause actual future results, conditions, actions or events to differ significantly from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These factors include, without limitation, the ability to attract and retain key employees who will support the acquired institutional services business, including certain senior management of the acquired institutional services business; the ability to complete the conversion of the client records, systems and operations supporting the acquired business within anticipated time periods and costs; the retention of substantially all of the clients of the acquired institutional services business following the closing; together with general factors such as credit risk, market risk, liquidity risk, operational risk, regulatory risk and reputation risk (all of which are described in greater detail in the Risk Management section that begins on page 60 of the Bank's 2013 Annual Report available at www.sedar.com); the general economic environment and financial market conditions in Canada, changes in the accounting policies the Bank uses to report its financial condition, including uncertainties associated with assumptions and critical accounting estimates; tax laws in Canada; and changes to capital and liquidity guidelines and to the manner in which they are to be presented and interpreted.
The Bank assumes no obligation to update or revise these forward-looking statements to reflect new events or circumstances and cautions readers not to place undue reliance on them.
SOURCE: National Bank of Canada
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