Fidelity Investments(R) Expands Clearing Operations With Launch of New Canadian-Based Business Unit

    
    Two Canadian Broker/Dealers Already Using the Fidelity Clearing Canada
    Platform
    
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<p><location>TORONTO</location>, <chron>Sept. 24</chron> /CNW/ - U.S.-based Fidelity Investments(R) today announced the launch of Fidelity Clearing <location>Canada</location> ULC, 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. The business 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 <money>$520 billion</money>.(1)</p>
<p>Fidelity also said that <person>Richard Ness</person> will serve as acting CEO of Fidelity Clearing <location>Canada</location> and that it has already established correspondent clearing relationships with two Canadian broker/dealers, Integral Wealth Securities and execution specialist JitneyTrade.</p>
<p>"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," said Richard N. Hart III, senior vice president, National Financial. "We have assembled a strong and experienced management team under Rick that we are confident can meet the distinct needs of the Canadian brokerage market."</p>
<p>Based in <location>Toronto</location>, Fidelity Clearing <location>Canada</location> (<a href="https://clearingcanada.fidelity.com">https://clearingcanada.fidelity.com</a>) 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.</p>
<p>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 <location>Canada</location> from Tactico, an international business consultancy with offices in <location>Montreal</location>, <location>Toronto</location> and <location>Los Angeles</location>. Prior to Tactico, Ness served as president and CEO of Penson Financial Services <location>Canada</location>.</p>
<p>"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," said Ness. "We are further encouraged by the fact that as we launch the business, two Canadian financial services firms, Integral Wealth Securities and JitneyTrade, have already converted their business to our platform."</p>
<p>"For us, it was an unbeatable combination to have an agile, Canadian-managed clearing operation backed by the global resources of Fidelity Investments," said <person>John Gibson</person>, CEO, Integral Wealth Services. "Fidelity Clearing Canada's capabilities are vast and we believe our relationship with them will not only help reduce our costs but also help mitigate our risks and facilitate growth."</p>
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<p>About National Financial</p>
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<p>National Financial, a Fidelity Investments company, offers Integrated Brokerage Solutions to over 310 clients ranging from retail broker/dealers to institutional investment firms. As of <chron>June 30, 2009</chron>, National Financial custodied over <money>$520 billion</money> in assets, representing 5.4 million accounts. Integrated Brokerage Solutions incorporates innovative technology, products and programs, supported by dedicated client service professionals and trusted industry alliances. This holistic, solutions-oriented approach is designed to help client firms attain competitive advantage by driving growth, creating efficiency and managing risk. For more information about National Financial, please visit <a href="http://www.nationalfinancial.com">www.nationalfinancial.com</a>.</p>
<p>While both part of the Fidelity Investments organization, National Financial is a separate business from Fidelity Investments <location>Canada</location> ULC. Fidelity Investments <location>Canada</location> manages over <money>$49 billion</money> in mutual fund and institutional assets, as of <chron>August 31, 2009</chron>. For more information about Fidelity Investments <location>Canada</location> ULC, please visit <a href="http://www.fidelity.ca">www.fidelity.ca</a>.</p>
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<p>About Fidelity Investments</p>
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<p>Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of <money>$3.0 trillion</money>, including managed assets of more than <money>$1.4 trillion</money> as of <chron>August 31, 2009</chron>. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to over 20 million individuals and institutions as well as through 5,000 financial intermediary firms. The firm is the largest mutual fund company in the <location>United States</location>, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit <a href="http://www.fidelity.com">www.fidelity.com</a>.</p>
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<p>Canadian clearing and custody services provided by Fidelity Clearing <location>Canada</location> ULC. U.S. clearing and custody services provided by National Financial Services LLC, member NYSE, SIPC. Fidelity Clearing <location>Canada</location> ULC and National Financial Services LLC are affiliates.</p>
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    (1) As of June 30, 2009.
    

For further information: Fidelity Corporate Affairs, Canada, Chris Pepper: [phone], Mobile: [phone], [email protected]; U.S. Corporate Affairs, [phone], [email protected]