TD Ameritrade Holding, a US-based brokerage firm, has closed the acquisition of local rival Scottrade Financial Services.
The deal, announced in October 2016, was executed in two steps. This involved TD Bank’s takeover of Scottrade’s banking arm Scottrade Bank for around $1.4bn in cash and later TD Ameritrade’s acquisition of Scottrade for around 28 million shares of TD Ameritrade stock and nearly $1.7bn in cash.
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The combined entity will manage $1.1 trillion in assets and cater to around 11 million clients.
Scottrade founder and CEO Rodger Riney will now serve as special advisor to TD Ameritrade president and CEO Tim Hockey. Scottrade executive Peter deSilva will serve as president of retail distribution of the merged group.
“Rodger Riney is one of the few people who can say he helped create an industry. We’re thrilled that he has decided to stay on to share his perspective with me and the rest of our management team. His expertise and counsel will prove invaluable as we bring these two companies together and develop a winning strategy for the months and years to come,” Hockey said.
The conversion of platforms and operating systems is expected to be completed in the second quarter of the company’s 2018 fiscal year.
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