On November 14, 2011 RBC Dominion Securities announced it had agreed to the transfer of client accounts from MF Global Canada Inc., whose parent company, MF Global Holdings Ltd. filed for Chapter 11 bankruptcy on October 31, 2011.
On November 14, 2011, the Ontario Superior Court of Justice approved the transfer of certain MF Global Canada client accounts to RBC Dominion Securities. Holdings in the accounts to be transferred include futures, equity and fixed income positions. This transfer will enable these account holders to access their accounts.
KPMG, the Court-appointed trustee in bankruptcy, and the Canadian Investor Protection Fund (CIPF) approached RBC Dominion Securities after the bankruptcy filing to request accommodating a bulk transfer of accounts and positions. RBC was approached given its strong balance sheet and commitment to the futures business.
“We have been working diligently with KPMG to secure the required approvals and resolve the matter for MF Global Canada clients,” said David Agnew, Head, RBC Wealth Management Canada. “We realize that the past two weeks have been very stressful for MF Global Canada clients. RBC Dominion Securities is happy to be in a position to assist.”
On Tuesday November 15, RBC Dominion Securities will begin proactively contacting clients of MF Global Canada and working with them to expedite access to their accounts.
RBC Dominion Securities has a robust infrastructure that can accommodate trading and hedging solutions across major markets for futures, options and commodities, including its own clearing capability for futures and options trading. This is in addition to disciplined investment management expertise in equities, fixed income and foreign exchange, as well as a comprehensive range of estate and wealth planning solutions.
Further information about the bankruptcy of MF Global Canada is available on the KPMG website kpmg.ca/mfglobalcanada, by e-mail firstname.lastname@example.org, or by phone (416 777 3666 or toll-free at 1 866 602 6743).
About RBC Dominion Securities
With over 400,000 clients across Canada and worldwide, and $180 billion in assets under administration, RBC Dominion Securities is Canada’s leading full-service investment and wealth management firm for affluent and high net worth investors. While investment management is the core offering, our 1,500 investment advisors and portfolio managers also provide a full range of wealth management advice and solutions, such as insurance, retirement, estate and tax planning and charitable giving to help our clients preserve, grow and pass on their wealth. www.rbcds.com
For more information, contact:
Bev MacLean, Corporate Communications, RBC, 416-974-9334