Bruton tapped to head national effort; Penn to lead Western sales. TD Waterhouse Institutional Services has expanded its sales team. The custody and trade-clearing provider to registered investment advisors (RIAs) has hired Derek Bruton and five others in a bid to strengthen its outreach to independent advisors.

“I am delighted to welcome Derek to our institutional senior management team,” says TD Waterhouse Institutional president J. Thomas Bradley Jr. “His experience in the advisor service industry is extensive and I am confident that with Derek at the helm as our national sales leader, he will make a significant contribution.”

Small world

Bruton comes to TD Waterhouse from Merrill Lynch , where he was in charge of the brokerage’s RIA custody and trading group. Before that he was with Schwab Institutional. His new responsibilities include leading a team of 40 wholesalers, and helping to develop new products and services for the RIA market.

In addition to Bruton, TD Waterhouse has hired Jay Penn to head up its Western regional sales. It has also brought in wholesalers Eric Warlick in Portland, Ore., David Caffrey in New York, Frank Pizzichillo in Philadelphia and Paul Polese in the Northeast. All but Polese, formerly of Pershing, came to TD Waterhouse Institutional from Fidelity’s RIA-service group.

“These new hires, combined with our existing team, put us well on our way to building a group of sales professionals that is second to none,” says Bradley.

TD Waterhouse Institutional Services provides custody and clearing services to about 2,600 RIAs. TD Waterhouse is a subsidiary of Toronto, Ontario-based TD Bank Financial Group. –FWR