Canada's TD Bank has completed the sale of TD Wealth Institutional (UK) to New York-listed banking and technology payments provider FIS, following approval from the Financial Conduct Authority.

"FIS has
acquired TD Wealth Institutional Holdings (UK) Limited, which is the holding
company of TD Wealth Institutional. TD Wealth Institutional was a trading
name of TDWCS, which has now rebranded to Platform Securities," TD
Wealth Institutional said in a statement.

The financial terms of the deal were not disclosed in the statement.

In June last
year, the firm announced it was extending its wealth management services.

“TD Wealth
Institutional is a leading provider of value-added outsourced clearing and
settlement services to meet the needs of institutional brokers, retail brokers
and fund managers. TD Wealth Institutional supplies a complete business process
infrastructure to handle portfolio management, order management, execution,
clearing, custody administration and settlement,” according to the TD Wealth
Institutional website.

FIS, meanwhile, serves more than 14,000 institutions in over
100 countries and is headquartered in Jacksonville,
Florida, with a total workforce
of more than 35,000.