VAUGHAN, ONTARIO--(Marketwired - Jan. 20, 2014) - PACE Savings and Credit Union Ltd. (PSCU) announced today that its wholly-owned subsidiary, PACE Securities Corp., (PSC) has commenced operations.
Approved in October, 2013 as a regulated investment dealer by the Investment Industry Regulatory Organization of Canada (IIROC), PSC became the first securities firm to be owned by an Ontario Credit Union.
Former Ontario Premier Ernie Eves will serve as PSC's Chairman of the Board pending IIROC approval.
"We're excited about this new opportunity. Owning an investment dealer means PSCU can monitor and control every aspect of the services we deliver to our members and the public. It will also ensure both companies are consistent with our core Credit Union values. Additionally, it will allow the members of PSCU to share in all of the earnings of PSC rather than receiving a portion from a revenue sharing agreement with an outside provider," said PACE Savings and Credit Union CEO, Larry Smith.
The creation of the new securities firm is to offer the members of PSCU, and the general public, ethical, transparent and diligent investment services, including retail investment advisory services, option market making, and institutional brokerage services at a reasonable cost.
"The new PSC will give members easy access to experienced advisors to help them make the most of their investments. We aim to provide the exceptional level of service, fees, and product offerings that people have come to expect from the PACE brand." said Pace Securities Corp., President and CEO Joseph Thomson.
About PACE Securities Corp - based in Vaughan Ontario, PSC provides investment products and services to the members of PACE and the general public through service locations throughout the Greater Toronto/ Hamilton area.
About PACE Credit Union - based in Vaughan Ontario, PCU serves its 40,000 members through 15 GTHA locations. PCU employs 160 local residents has $718 million in assets and $51 million in capital.