TD Waterhouse has confirmed that it has agreed a deal to acquire the UK customer base of online broker E*Trade.

It is understood that the E*Trade’s UK trading operation has around 24,000 customer accounts holding £467 million in assets, which will now transfer to TD Waterhouse’s platform.

The news comes after E*Trade Financial Corporation announced that it has decided to focus on its international business on the US cross border product for global investors.

Investors using online broking services from E*Trade (UK) will have the opportunity to move to TD Waterhouse’s platform.

E*Trade’s equity customers that consent to transfer for all online UK equity trades will be offered introductory rates from TD Waterhouse.

This will be £7 for the first 2 months following the date of their transfer, after this date TD Waterhouse will offer commission trades to transferring E*TRADE customers of £7, £9 and £11.50 for a further 10 months.

Angus Rigby, chief executive officer of TD Waterhouse (UK), said that investors would have access to a wider range of services than before – 17 markets across the globe.

He explained, ‘Our long-term strategy is to strengthen our UK business and expand our services further into Europe, while continuing to offer a superior customer service. The additional customers and assets this deal brings will cement our position as the leader in the UK online brokerage space.

‘We are very experienced in this type of acquisition and as such, we will ensure no customers are adversely impacted as migration takes place and all customers continue to benefit from our award winning products and services.”

Investors with questions regarding the migration or the new service can contact E*Trade on 0845 234 3434 or TD Waterhouse on 0800 085 1188.