UPDATE 1-TD Bank to buy U.S. broker-dealer Albert Fried

Tue Sep 13, 2016 12:28pm EDT
 
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(Adds details from interview with TD executive)

By John Tilak

TORONTO, Sept 13 (Reuters) - Canadian lender Toronto-Dominion Bank's capital markets division said on Tuesday it plans to acquire Albert Fried & Co, a New York-based broker-dealer, to expand its presence in the U.S. prime brokerage sector.

TD Securities has been boosting its reach in the United States in recent years by adding people and increasing coverage of sectors.

The lender's U.S. capital markets strategy has been to focus on large multinational clients, as well as sectors such as technology, media, telecommunications, energy and utilities.

TD, which did not disclose financial terms of the deal, expects to target hedge funds with its new services.

"With the prime brokerage acquisition, we have the opportunity to expand and service institutional clients more appropriately," Glenn Gibson, the vice chair and U.S. head of TD Securities, said in an interview.

"There is this broad appeal for clients to diversify their broker relationships, specifically related to the prime brokerage business," he added.

A 97-year-old firm that was founded after World War I, Albert Fried offers services in prime brokerage, trading and commission management.   Continued...