December 12, 2009
In what is a significant business 'win' for Fidelity Clearing Canada, Canada's second-largest non-Big Five-bank-owned carrying broker, and likely a more significant loss for B2B Bank Securities Canada, Manulife Securities will transition its client accounts from B2B Bank Securities Canada to Fidelity Clearing Canada. Manulife Securities, as introducing broker, will continue to provide regulatory supervision and compliance oversight to Manulife Securities-registered advisors as well as open new accounts, including Know Your Client (KYC) due diligence, while Fidelity Clearing Canada will provide trade execution and matching, prepare Manulife Securities-branded customer services, provide account administration services, custody non-registered accounts, and so forth. Manulife Trust Company will continue to custody the registered accounts, with Fidelity Clearing Canada providing the administration services for them.
Those who hold Manulife accounts through an advisor likely will have an online customer portal developed by Manulife, so any changes and integrations with Fidelity will likely be done through back-end.
Nevertheless, it'll be interesting to see the AUA number for B2B Bank fall and by how much in Laurentian's next annual report.