National Bank of Canada has completed the purchase of TD’s institutional services business known as TD Waterhouse Institutional Services (TDWIS).
This business will be integrated into National Bank’s Correspondent Network (NBCN), which is Canada’s largest provider of custodial, trading, clearing, settlement and recordkeeping services to independent registered portfolio managers and introducing brokers.
NBCN will be servicing more than 400 independent market intermediaries across the country who collectively manage or administer $85 billion for almost half a million Canadian investors once the TDWIS business is brought on board.
“This transaction is another major step in the implementation of National Bank’s strategy of expanding across Canada by broadening the footprint of our wealth management platform,” says Luc Paiement, executive vice-president, wealth management, and co-president and co-CEO of National Bank Financial.
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