Merlin Securities, LLC, a prime brokerage services and technology provider for the alternative investment industrys, announced Wednesday that it has launched operations in Canada. Merlin Canada Ltd. will offer custody and clearing through the National Bank Correspondent Network

The Canadian operation is headed by Daniel Dorenbush, based in Toronto. As CEO, he will be responsible for introducing prime brokerage services and technology solutions to Canadian alternative investment managers.

Dorenbush was most recently a global head of strategic sales and relationship management in the Hedge Fund Services division of RBC Capital Markets in New York. Prior to that he was based in Toronto as RBC’s global head of prime brokerage.

“As the first and only introducing prime brokerage services company in Canada we see a significant opportunity both for Merlin and for Canadian managers,” says Aaron Vermut, co-founder and COO of Merlin and chairman of Merlin Canada Ltd. “We have more than 500 hedge fund clients in the U.S. and one priority — to provide the technology and services that enable our clients grow to their businesses. We look forward to bringing our innovative product suite to Canadian hedge funds.”

“The Canadian prime brokerage landscape is very different from that of the United States,” adds Dorenbush. “Apart from the largest Canadian banks, there are no significant competitors in Canada and certainly none who offer Merlin’s combination of cutting-edge technology, trading execution, capital introduction and custody solutions. In this way, Merlin’s entry into the market is a potential game-changer.”

IE