Fidelity Clearing Canada celebrates its fifth anniversary and strong asset growth
Escalating technology and compliance costs leads to a changing back office landscape
TORONTO, Nov. 10, 2014 /CNW/ - Fidelity Clearing Canada (FCC), the leading independent clearing broker and custodian in the Canadian market, this week celebrates its fifth anniversary and has announced the firm has doubled its assets under administration to approximately $20bn over the last two years.
According to FCC, escalating technology, compliance and back-office costs along with increasing competition has required independent broker dealers to seek out more robust and scalable solutions to support their business needs. Further growth opportunities are also arising from Investment Counselors and Portfolio Managers re-examining their custodial relationships and looking for greater flexibility and more client centric solutions.
"Our clients understand that management attention is best served focusing on their clients and growth initiatives rather than running increasingly complex back office operations. One of the reasons for our continued success is that we don't compete with our clients and therefore our clearing and custody platform is purpose built for servicing their needs first and foremost." says Todd Roadman, Chief Executive Officer, Fidelity Clearing Canada.
FCC was founded in 2009 at the height of the financial crisis and has distinguished itself in the Canadian market traditionally dominated by the large banks. Since its establishment, FCC's client base has been growing consistently while other long standing clearing brokers and custodians have chosen to exit the market. FCC clients include nationally recognized names such as 3Macs, Dundee Securities Ltd, ITG Canada and State Street Global Markets Canada Inc.
As a division of Fidelity Investments Institutional services business, Fidelity Clearing Canada draws upon over 30 years' experience in the carrying broker and custodian space. Fidelity Institutional provides clearing and custody services to over 3,500 broker dealers, banks, insurance companies registered investment advisors and family offices in the US and has AUA of over $1.3T (as of June 30, 2014).
"Over the past five years, FCC has established its reputation in the market as the leading independent clearing broker and custodian that provides unparalleled customer service and technological innovation. Looking towards the next five years, FCC is planning to continue to expand its market share through a commitment to delivering the best client experience in the financial services industry. As the leading independent provider, we see significant room for expansion in this market and FCC's industry-leading technology solutions and commitment to innovation will play an important role in this growth," said Roadman.
About Fidelity Clearing Canada ULC
Fidelity Clearing Canada provides clearing, custody and trade execution services to Canadian registered broker/dealers and Portfolio Managers. Fidelity Clearing Canada is a division of Fidelity Institutional, based in Boston and part of privately held FMR LLC (Fidelity Management and Research). Fidelity Institutional provides clearing and custody services to over 3,500 broker dealers, banks, insurance companies registered investment advisors and family offices in the US and has AUA of over $1.3T (as of June 30, 2014).
Fidelity Clearing Canada helps clients thrive by enhancing their operational efficiency and supporting the growth of their businesses, driving confidence, clarity and results.
For more information about Fidelity Clearing Canada, please visit https://clearingcanada.fidelity.com/
Fidelity Clearing Canada ULC is a member of the Canadian Investor Protection Fund. www.CIPF.ca
SOURCE: Fidelity Clearing Canada
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