TD Waterhouse has announced it has agreed a deal to acquire the UK customer base of share dealing company E*Trade.
As part of the deal, E*Trade will invite approximately 24,000 active UK investors – holding a total of £467million in assets – to transfer their account to TD Waterhouse.
This latest deal follows recent acquisitions last year of OMX Securities – a provider of outsourced clearing and settlement services – which was bought out in October, while in July, the execution-only brokers acquired share dealing company Hoodless Brennan.
Commenting, Angus Rigby, CEO of TD Waterhouse said: "Our long-term strategy is to strengthen our UK business and expand our services further into Europe, while continuing to offer a superior customer service. The additional customers and assets this deal brings will cement our position as the leader in the UK online brokerage space."
Reassuring current E*Trade clients who are concerned about the takeover, Mr Rigby added: "We are very experienced in this type of acquisition and as such, we will ensure no customers are adversely impacted as migration takes place and all customers continue to benefit from our award winning products and services."
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