Boston-based Fidelity Investments Thursday announced the launch of a new business dedicated to providing clearing, custody and back-office support services to Canadian-based brokerage firms and the Canadian brokerage arms of U.S.-based firms.

Fidelity Clearing Canada ULC is part of Fidelity’s U.S.-based clearing organization, National Financial, which services more than 300 broker/dealers in the U.S. with assets in excess of $520 billion.

Fidelity also said that Richard Ness will serve as acting CEO of Fidelity Clearing Canada and that it has already established correspondent clearing relationships with two Canadian broker/dealers, Integral Wealth Securities and execution specialist JitneyTrade.

“Based on a growing demand among our U.S. broker/dealer clients for a clearing provider to support their Canadian brokerage units, as well as an expanding opportunity to service Canadian broker/dealers, we saw a need to extend our services to this market,” says Richard Hart, senior vice president, National Financial.

Based in Toronto, Fidelity Clearing Canada will offer brokerage firms back-office support such as trade execution, clearing and custody. In addition, the company will support a comprehensive platform of investment products, including mutual funds and individual securities, as well as sophisticated brokerage technology for firms and their brokers to help conduct and manage their business.

Ness has 25 years of experience in global financial services, including building and growing core brokerage operations for Canadian and U.S. financial institutions. He assumes his position for Fidelity Clearing Canada from Tactico, an international business consultancy with offices in Montreal, Toronto and Los Angeles. Prior to Tactico, Ness served as president and CEO of Penson Financial Services Canada.

“By leveraging the resources and scale of the Fidelity organization, we are well-positioned to provide premier financial services organizations with the tools and support they need to achieve enhance operational efficiencies and grow,” says Ness.

IE