Merlin Gets Green Light From Canada's Regulators

Nov 10 2010 | 1:09pm ET

Prime brokerage services and technology solutions provider Merlin has been given the green light to begin operations in Canada.

Merlin Canada, to be headed by newly appointed CEO Daniel Dorenbush, has been approved by the Investment Regulatory Organization of Canada (IIROC) to operate as a Dealer Member. FINalternatives first reported about the firm's Canadian expansion in July.

Merlin Canada will offer custody and clearing through the National Bank Correspondent Network (NBCN), a subsidiary of National Bank Financial, in addition to Merlin’s current roster of U.S. clearing and custodial options.

“As the first and only introducing prime brokerage services company in Canada we see a significant opportunity both for Merlin and for Canadian managers,” said Aaron Vermut, co-founder and COO of Merlin and chairman of Merlin Canada Ltd.

As CEO of Merlin’s Canadian operations, Dorenbush will be responsible for introducing prime brokerage services and technology solutions to Canadian alternative investment managers.

Dorenbush says that apart from the country’s largest banks, Merlin faces no significant competitors in Canada. The newly minted CEO was most recently a New York-based managing director at RBC Capital Markets. Prior to this he was based in Toronto as RBC’s global head of prime brokerage. Dorenbush is a CFA Charterholder and received his M.B.A. from McGill University and his H.BA from the University of Toronto.


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