BURLINGTON, ONTARIO--(Marketwired - April 28, 2014) - Mandeville Wealth Services Inc. ("Mandeville"), the Mutual Fund Dealer subsidiary of Mr. Michael Lee-Chin's Mandeville Holdings Inc., is pleased to announce that its mutual fund representatives will now be able to offer their clients access to exchange traded mutual funds (ETFs).
Leveraging its relationship with Broadridge Financial Solutions, Inc. (NYSE: BR), Fidelity Clearing Canada ULC ("Fidelity Clearing") and Mandeville Private Client Inc., mutual fund representatives will now be able to incorporate a range of ETFs into their investment portfolios. Mandeville believes that providing clients with an extensive breadth of investment opportunities is an integral part of a successful wealth creation strategy.
Announcing the new service platform, Frank Laferriere, Chief Operating Officer for Mandeville, stated: "Mandeville is committed to providing our financial professionals with wealth creation products and services typically reserved for the most successful investors in the world. ETFs are part of that universe. Mutual fund representatives have, up until now, been prevented from offering their clients access to ETFs. The lack of access to ETFs was not primarily due to legal or registration reasons, but because of technological limitations and lack of creativity. Through our relationship with Broadridge, we were able to overcome these challenges and it is to the great benefit of our mutual fund representatives and their clients."
Mandeville representatives will place ETF trades directly on Broadridge's Dataphile platform, leveraging the firm's industry-leading infrastructure and a global service model that draws upon more than 50 years of domain experience. Those trades will be executed through the Mandeville Private Client Inc. relationship with its carrying broker, Fidelity Clearing, which will execute, settle and custody the ETFs on behalf of Mandeville using Dataphile. Mandeville's clients will receive the benefits associated with Mandeville's membership in the Mutual Fund Dealers Association of Canada and its Investor Protection Corporation ("IPC").
Todd Roadman, CEO of Fidelity Clearing Canada commented, "Providing carrying broker services means more than simply clearing trades, it means delivering timely solutions to support our clients' growth. We are pleased to support the unique needs of Mandeville to move their business forward and enable mutual growth for both of our businesses."
"Broadridge partnered with Mandeville and Fidelity Clearing to create this best-in-class exchange traded fund solution for mutual fund dealers. The financial services industry is very dynamic, and at Broadridge, we are proud of the partnerships we have fostered that give us the ability to anticipate and proactively respond with innovative solutions such as this. Our technology and operations expertise that is powering this solution enables all of our clients who provide correspondent clearing services to mutual fund dealers with the ability to broaden access and availability of ETFs across Canada," said Michael Dignam, President, Broadridge Financial Solutions, Canada.
About Mandeville Holdings Inc
Mandeville Holdings Inc. is the parent company, founded by Michael Lee-Chin, of the Mandeville group of companies which includes Mandeville Private Client Inc., Mandeville Wealth Services Inc., Mandeville Insurance Services Inc. and Portland Investment Counsel Inc. The Mandeville group of companies is committed to providing clients with outstanding personal service and high quality products. Mandeville offers a differentiated approach to wealth creation by providing traditional investment products as well as private and alternative investment opportunities. Mandeville's goal is to democratize these private and alternative investment opportunities for wealth creation and where appropriate, provide clients with the same investment techniques used by ultra-high net worth and institutional investors. For more information about Mandeville, please visit www.mandevilleinc.com.
Broadridge Financial Solutions, Inc. (NYSE: BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge's investor communications, securities processing and business process outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,400 full-time associates in 13 countries. For more information about Broadridge, please visit broadridge.com.
About Fidelity Clearing Canada ULC
Based in Toronto, Fidelity Clearing Canada (Member - Canadian Investor Protection Fund) provides execution, clearing, custody and back-office support services to Canadian registered brokerage firms and portfolio managers. The business is affiliated with Fidelity's U.S.-based clearing organization, National Financial, which serves 250 broker dealers and is part of the broader Fidelity Institutional organization. Fidelity Institutional, with nearly $2.7 trillion in assets under administration (AUA) as of Dec. 31, 2013, offers clearing, custody, investment products, brokerage and trading services to a wide range of financial intermediary firms. For more information about Fidelity Clearing Canada, please visit https://clearingcanada.fidelity.com/