Canadian lender Toronto-Dominion Bank's (TD.TO) capital markets division said on Tuesday it plans to acquire Albert Fried & Co, a New York-based broker-dealer, to expand its presence in the U.S. prime brokerage sector. TD Securities has been boosting its reach in the United States in recent years by adding people and increasing coverage of sectors.
The lender's U.S. capital markets strategy has been to focus on large multinational clients, as well as sectors such as technology, media, telecommunications, energy and utilities.
TD, which did not disclose financial terms of the deal, expects to target hedge funds with its new services.