Raymond James (NYSE: RJF) wants to begin offering free trades on some exchange traded funds as part of its plan to boost its custody unit, according to a report.
Mike DiGirolamo, who heads the Investment Advisors Division’s custody business, told Investment News that Raymond James is in talks with Invesco PowerShares Capital Management and BlackRock, which sponsors iShares, and hopes to begin offering no-transaction-fee ETFs in the next six months.
TD Ameritrade, Fidelity and Schwab have offered no-cost trades for some ETFs, the report notes.
“We have to be in there competitively [with other custodians],” DiGirolamo said.
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