TD AMERITRADE TO ACQUIRE SCOTTRADE
Our primary custodian, TD Ameritrade, announced Monday that it will acquire Scottrade Financial Services, a rival discount brokerage, for $4 billion. When the deal closes, it will increase the TD Ameritrade client base by over 3 million accounts and quadruple the size of the branch network across the country.
The Scottrade transition should not impact you. The TD Ameritrade Institutional Advisor platform, accounts, and services will remain the same and are not expected to experience any disruptions.
Currently, the deal is expected to close by the second half of 2017, subject to the receipt of required regulatory approvals and the satisfaction of other closing conditions. Until the transaction is completed, Scottrade and TD Ameritrade will continue to operate as separate, independent companies.
If you have any questions about this deal, please don’t hesitate to contact your Russell Capital advisor.