Capital Institutional Services (CAPIS), an institutional brokerage firm based in Dallas, has strategically strengthened its position within the commission recapture and commission management market by acquiring the Plan Sponsor Services business from TD Securities.
The deal, which became effective on April 1, 2025, represents a pivotal move in CAPIS’ expansion plans, furthering its capabilities in serving institutional clients such as pension funds, endowments, foundations, and mutual funds.
By integrating TD Securities’ assets, CAPIS has solidified its role as a dominant player in the commission management space, bolstering its commitment to delivering exceptional services to asset owners across the globe, according to David Choate, Chief Operating Officer at CAPIS.
“This acquisition significantly enhances our ability to provide commission management services to asset owners, such as pension funds and mutual funds,” he told Traders Magazine.
“By adding TD Securities’ Plan Sponsor Services business to our portfolio, we not only expand our client base but also gain valuable operational knowledge and long-term relationships built by TD. This strengthens CAPIS’ legacy as a leading provider in this space,” he stressed.
The strategic importance of the acquisition lies in its ability to extend CAPIS’ reach to a wider and more diverse institutional client base.
CAPIS will now administer all of TD Securities’ existing commission recapture programs, which positions the company as an even stronger contender in a market where commission management is crucial for institutional investors.
The acquisition amplifies CAPIS’ ability to offer a comprehensive suite of services to clients, while providing a foundation for sustained growth and innovation within the commission recapture space.
One of CAPIS’ foremost priorities has been ensuring a smooth and seamless transition for the clients previously served by TD Securities.
To meet these expectations, CAPIS has taken significant steps to ensure that the integration process is as smooth as possible. This includes retaining a substantial portion of TD Securities’ Plan Sponsor Services team, whose expertise and deep institutional knowledge provide a seamless link between CAPIS and the new clients coming on board.
Tim Conway, the former Managing Director of Plan Sponsor Services at TD Securities, now serves as Director of Plan Sponsor Services at CAPIS. Conway’s leadership and wealth of industry experience have proven to be invaluable during the transition, bringing continuity for both clients and staff.
“We are pleased to join CAPIS, a firm that shares our commitment to exceptional client service and execution,” said Conway.
“This transition ensures that our Plan Sponsor Services clients continue to receive best-in-class commission recapture solutions while allowing TD Securities to remain a key broker within the CAPIS Global Trading Network.”
Alongside Conway, the majority of TD Securities’ Plan Sponsor Services team has joined CAPIS. Choate elaborated on this, stating: “With their extensive industry expertise, we’ve been able to onboard all clients smoothly and begin offering expanded services to meet their evolving needs. This approach not only ensures continuity but also allows us to build upon the strong foundation TD Securities has established.”
A key component of this acquisition is CAPIS’ decision to maintain a strong partnership with TD Securities, which will continue to act as a key executing broker within the CAPIS Global Trading Network.
This arrangement guarantees that clients who have relied on TD Securities for trade execution will continue to benefit from uninterrupted access to high-quality execution services.
For institutional clients, the ability to leverage a trusted broker while enjoying the expanded services from CAPIS ensures that they are well-supported in all aspects of commission management.
“The continued partnership with TD Securities as an executing broker is crucial for maintaining stability and trust among our plan sponsor and asset manager clients,” Choate noted. “This ensures that our clients can continue to leverage TD’s execution capabilities, ensuring a seamless experience as we grow our global trading network.”
Beyond operational continuity, the acquisition represents a strategic alignment with CAPIS’ broader long-term growth strategy. For CAPIS, the integration of TD Securities’ Plan Sponsor Services business is more than just a transactional deal—it’s a critical part of the company’s vision to expand its commission management offerings and solidify its leadership in the institutional market, Choate said.
“This acquisition is a direct extension of CAPIS’ strategic vision to expand its service offerings and enhance its leadership position in commission management services,” Choate stated.
“It reflects the firm’s long-term goal of growing through targeted expansion, particularly in areas where CAPIS has long been a pioneer, such as recapture for sub-advised funds and plan sponsors,” he said.
“This acquisition is part of our broader plan to continue building on our foundation of industry leadership and expand our reach to a wider institutional client base. As we look ahead, we see tremendous opportunities for growth and innovation in the commission management space,” he concluded.
