2013 Press Releases

Credential Announces Launch of Correspondent Services Division

by Adriana Borbolla | May 06, 2013

Corporate expansion addresses need for comprehensive custody and trading services in Canada

May 7, 2013 – Vancouver, BC – Credential Financial Inc. today announced the launch of Credential Correspondent Partners as a division of Credential Securities Inc. This expansion is in response to the market need for an independent Canadian provider of custody and trading services for portfolio managers and independent wealth management firms.

Credential is a Canadian–owned wealth management firm, serving over 225 credit unions and independent wealth management firms.

“Over the past several years, we’ve experienced significant organic growth in our business, recently reaching $14.7 billion in assets under administration,” said Doce Tomic, President & CEO, Credential. “With the market trends and growing needs of our clients, expanding our services to the portfolio management market is a natural extension of Credential’s business.”

According to recent Investor Economics research, over the coming decade, the high-net-worth segment will register the fastest growth in numbers and dollars controlled compared to all other segments. These trends indicate that the high end and affluent segments will represent a key focal point and growth opportunity for providers of financial services.

“The launch of Credential Correspondent Partners is well aligned with unfolding trends in the wealth management needs of Canadian households,” said Earl Bederman, President, Investor Economics. “Credential’s current client base of credit unions will be impacted by the trends in Canada’s wealth structure. Upscale and affluent households will constitute a significant percentage of their membership, making it imperative that these discerning members have access to best in class wealth management products and services. By providing credit unions with access to several of Canada’s leading and most well-respected independent asset managers, the launch of Credential Correspondent Partners represents an important development in the evolution of the Credential platform.”

As a critical component of the expansion, Credential hired Kevin Vanderheyden as Senior Vice President and Chris Chen as Vice President of Credential Correspondent Partners – both veterans in the Canadian financial services market. 

“It’s a privilege to be a part of this new division in a reputable Canadian firm with a solid foundation and an impressive track record of 14% year over year growth in assets under administration,” said Kevin Vanderheyden, Senior Vice President, Correspondent Services, Sales & Trading, Credential. “With 20 years in the wealth management industry, and the number of portfolio management firms we have already signed, I know first-hand about the need for our flexible custody and trading services. We provide strategic business consulting to help our partners grow their business, while delivering a neutral custodian offering that complements and does not compete with their own.”

Learn more about Credential Correspondent Partners.

About Credential Financial Inc.
Credential Financial is a national wealth management firm, with over 20 years of experience in the Canadian financial services industry, offering a full suite of products and services to over 225 organizations and more than 1,300 advisors. Credential and its member companies (Credential Asset Management, Credential Securities, Credential Direct, and Credential Insurance Services) provide MFDA and IIROC dealer services, online brokerage, and insurance solutions to credit unions and independent financial institutions across Canada. For more information, visit www.credential.com.

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