Merlin Securities, a prime brokerage services and technology solutions provider, has launched operations in Canada after receiving approval from the Investment Industry Regulatory Organization of Canada to operate as a dealer member.

Daniel Dorenbush has been appointed chief executive of Merlin Canada.

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

“We are delighted to have Daniel on board and to be working with NBCN, the Canadian leader in third-party and brokerage services,” says Aaron Vermut, co-founder and chief operating officer of Merlin and chairman of Merlin Canada. “As the first and only introducing prime brokerage services company in Canada we see a significant opportunity both for Merlin and for Canadian managers. We have more than 500 hedge fund clients in the US and one priority – to provide the technology and services that enable our clients grow to their businesses.”

Dorenbush will be responsible for introducing prime brokerage services and technology solutions to Canadian alternative investment managers.

“The Canadian prime brokerage landscape is very different from that of the United States,” says Dorenbush. “Apart from the largest Canadian banks, there are no significant competitors in Canada and certainly none who offer Merlin’s combination of cutting-edge technology, trading execution, capital introduction and custody solutions.”

Dorenbush was most recently a New York-based managing director and global head of strategic sales and relationship management in the hedge fund services division at RBC Capital Markets. Prior to this he was based in Toronto as RBC’s global head of prime brokerage.