Penson transfer

Toronto-based Fidelity Clearing Canada ULC has announced a referral agreement with Montreal-based Penson Financial Services Canada Inc. The agreement will result in the transition of Penson Canada’s accounts and assets to Fidelity. Accounts affected include those held with Penson’s introducing brokers and those run by portfolio managers. The transition will be completed in the fourth quarter, subject to regulatory approval. Fidelity, which has been in Canada for three years, provides back-office support, execution, clearing and custody services to Canada-based brokerage firms and their U.S. affiliates.

(fcollie@investmentexecutive.com).