(October 3 – 12:10 ET) – The continuing consolidation and rationalization in the brokerage industry has sparked a string of recent changes in the membership listings of the Investment Dealers Association.
Salomon Smith Barney Canada Inc. and Schroder Canada Limited have officially amalgamated in the wake of Salomon’s parent company’s takeover of Schroder. The continuing firm in Canada will be known as Salomon Smith Barney Canada Inc., based in Montreal.
Lost in all the noise of its own takeover by Credit Suisee First Boston, Donaldson, Lufkin & Jenrette has acquired Montreal’s Whalen, Béliveau & Associates Inc. to form DLJ Canada Inc.
The IDA’s Ontario District Council has also approved the acquisition of all issued and outstanding securities of VERSUS Technologies Inc. by E*Trade Group Inc. The acquisition also changes the ownership of Fairvest Securities Corp. Both VERSUS and Fairvest remain IDA members.
Finally, all of the issued and outstanding common shares of ECE Electronic Clearing Inc. have been acquired by Penson Holdings Inc. Following this transaction, ECE has been changed its name to Penson Financial Services Canada Inc. The continues to be based in Montreal.
-IE Staff