TD scored big with breakaways in 2012

Unit snags 110 brokers in fiscal first quarter; tops $200B in assets

Jan 23, 2013 @ 11:03 am

By Dan Jamieson

A strong gain in net new assets took TD Ameritrade Institutional over the $200 billion asset level last month. And the unit continues to snag its fair share of breakaway brokers.

The gain marks something of a milestone for the custody business of TD Ameritrade, the No. 3 industry player, behind Schwab Advisor Services, which has $789 billion, and Fidelity Institutional Wealth Services, $608 billion, a figure that includes institutional assets other than RIAs.

TD Ameritrade's custody unit had $2 billion in assets in 1997, said Tom Nally, head of TD Ameritrade Institutional.

Parent TD Ameritrade Holding Corp. on Tuesday reported a record $16 billion in net new assets companywide in its fiscal first quarter, which ended Dec. 31.

Net revenue of $651 million for the quarter were flat from the year-earlier period. Slow trading volumes and low interest rates continued to affect performance.

The company does not separately disclose assets held for its registered investment advisers, but new assets gathered by its affiliated advisory firms run at about twice the rate as TD's individual-investor business, Mr. Nally said.

TD's custody business landed 110 breakaway brokers in the latest quarter. For the fiscal year ended September, the unit landed 441 breakaways, up from 348 in fiscal 2011.

TD Institutional serves about 4,500 advisers.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Top questions surrounding future of DOL fiduciary rule

Reporter Greg Iacurci and managing editor Christina Nelson discuss the biggest uncertainties springing from the Fifth Circuit Court of Appeals' decision to vacate the regulation.

Latest news & opinion

What the next market downturn means for small RIAs

Firms that have enjoyed AUM growth because of the runup in stocks may find it hard to adjust to declining revenues if the market suffers a major correction.

DOL fiduciary rule likely to live on despite appeals court loss

Future developments will hinge on whether the Labor Department continues the fight to remake the regulation its own way.

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

Groups on both sides of the fiduciary debate had plenty to say.

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

In split decision, judges say agency exceeded authority.

UBS, after dumping the broker protocol, continues to see brokers come and go

The wirehouse has seen 14 individuals or teams leave and five join for a net loss of $2.4 billion in AUM


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print