unTrust Capital Markets has tapped Fidelity's
clearing and back-office services unit to support both SunTrust Robinson Humphrey Capital Markets
and Alexander Key Investments
, the bank's retail brokerage division.
As part of the deal, Fidelity Investments Institutional Brokerage Group
is providing technology solutions, operational support, securities processing, and brokerage and investment products. Fido has been providing clearing services for SunTrust Securities, Inc., the broker/dealer arm of Atlanta-based SunTrust Banks, since 1999.
"After a thorough analysis of providers, we chose Fidelity because of their experience in the retail brokerage and institutional markets, and because they have demonstrated the commitment and capacity to help an organization as diverse as ours meet the needs of our clients and drive new business growth," said Tom Tracy
, chief executive officer, SunTrust Robinson Humphrey Equity Capital Markets, in a release.
"Fidelity continues to invest significantly in its clearing and capital markets platforms to meet the evolving needs of organizations such as SunTrust Robinson Humphrey," said J. Peter Benzie, executive vice president and head of Fidelity's Correspondent Broker/Dealer business, in the release.
Fido now provides clearing services to more than 160 correspondent broker-dealers, representing some 3.4 million accounts and more than $235 billion in assets, according to the Boston Behemoth.
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