TD Waterhouse is to acquire the online share dealing business of independent stockbroker Hoodless Brennan following the company's decision to withdraw from the execution-only consumer marketplace.
Under the agreement, TD Waterhouse will transfer Hoodless Brennan's 45,000 online share dealing customers to its own platform.
The brokerage has also agreed to honour Hoodless Brennan's online trading rates to transferring customers for at least one year.
Andrew Baker, chairman, Hoodless Brennan says the decision to withdraw from the market follows a strategic long-term review of the business.
"This transaction allows us to focus on the core areas of our award-winning business, such as our advisory and derivatives services for private retail clients and our wholesale division, which provides corporate broking services to smaller companies," he says. "Private customers who already have advisory or CFD accounts can be assured that they will continue to operate as normal."