The US branch of Toronto-based TD Securities has acquired New York-based broker-dealer Albert Fried & Company (AF&Co).

No financial terms have been disclosed but the purchase includes AF&Co’s self-clearing, securities lending and prime brokerage technology platform in its final stages of development.

"Acquiring US clearing and a technology platform enhances our capabilities and lays a solid foundation for us to integrate prime brokerage into our client service offering and expand our US business," said Glenn Gibson, senior vice president & vice chair, TD Securities US.

"Our plan is to complete the technology platform development with the aim to be fully operational in the prime brokerage business in 2017."

TD Securities already has a strong position in the Canadian prime brokerage market and is increasingly focused on expanding its US footprint.

"When some global banks are scaling back, we're growing amidst industry changes, forming efficient infrastructures to deliver a global one-stop shop for clients, all within our risk appetite,” added Gibson.

Albert Fried Jr., chief executive, AF&Co, said finding a strong cultural fit was crucial to the deal with TD. 

"We're proud of our 97-year history of strong customer service and value TD Securities' client-centric approach and focus on delivering best-in-class products and services," Fried said. 

The US prime brokerage business will be led by David Santina, managing director, equities, TD Securities.