TD Waterhouse acquires E*Trade UK accounts
28 January 2010 | 11042 views | 0
Online broker E*Trade Securities has struck a deal to transfer around 24,000 UK accounts to Canadian rival TD Waterhouse.
Over the next few weeks, E*Trade Securities will invite around 24,000 active UK customers, with accounts holding £467 million in assets, to transfer to the TD Waterhouse platform.
Angus Rigby, CEO, TD Waterhouse (UK), says: "Our long-term strategy is to strengthen our UK business and expand our services further into Europe, while continuing to offer a superior customer service."
After getting badly burned by the US mortgage crisis and recording heavy losses in the last two years, E*Trade has moved to offload large chunks of its business and focus its international efforts on US cross border product offering for global investors.
In December the firm agreed to sell its Nordic business to Danish online investment bank Saxo and has also offloaded its operations in Canada and India.
However, after a tough two years, the broker has begun to show signs of recovery as mortgage market losses begin to decline. This week the firm posted a fourth quarter net loss of $67 million, down from a loss of $276 million a year earlier.