Odyssey will disrupt the national transfer agent and trust company space, controlled so far by only two players – Computershare and TMX Group
/EIN News/ — CALGARY, Alberta and TORONTO, Nov. 17, 2022 (GLOBE NEWSWIRE) — Odyssey Trust Company is pleased to announce that it has received approval from the Minister of Finance to continue as a trust company federal government, allowing the company to expand its transfer agent and trustee services across the country after receiving the required provincial regulatory approvals, including in Ontario, Canada’s largest financial market. This decision should shake up the Canadian market for transfer agents and fiduciary services, controlled until now by only two other providers.
Obtaining its federal trust license is the culmination of Odyssey’s growth and a reflection of the support of the Canadian capital markets ecosystem from a trust company committed to making life simple, fast and easy for its customers and their shareholders. Odyssey’s Canadian issuer coverage extends across Canada, with offices in Vancouver, Calgary, Toronto and planned expansion to Montreal and Halifax in 2023. It has grown its customer base to over 1,000 issuers, its team of over 120 people and trust assets in excess of $1 billion.
In addition to providing transfer agent and trustee services to some of Canada’s largest public issuers, Odyssey also recently launched a Registered Plans division, providing RRSP and TFSA account administration, as well as a employee plans providing share management. In September 2022, Odyssey was named 8e fastest growing company in Canada according to the Globe and Mail Business Report 2022.
First federal financial institution founded by a woman
“I am extremely honored to launch Canada’s first woman-founded federal financial institution and to break another glass ceiling for Canadian women,” said Founder and CEO Jenna Kaye. “We are proud to operate as a federal trust company and expand our full range of services in Ontario. The next phase of our growth will see us continue to disrupt an archaic industry through our unwavering commitment to exceptional service, advantageous prices and innovative solutions.
As a federal trust company, Odyssey intends to provide the following services to issuers across Canada:
- Transfer Agent Services – manages and maintains the securities register of publicly traded issuers (which are required by securities regulations to use a trust company for this service) and maintains capitalization tables for private issuers.
- Corporate Trust – provides fiduciary services for a variety of engagements, including Escrow Agent (cash or stock), Subscription Receipt Agent, Warrant Agent, Debt Fiduciary (unsecured and guarantee) and the trustee of the guarantee agent.
- Corporate actions – acts as a third-party administrator for M&A transactions, primarily in the role of custodian or paying agent.
- Employee plans – provides an equity management solution for the administration of option plans, ESPPs, ESOPs, RSUs and DSUs.
- Registered plans – administers RRSP and TFSA accounts to exempt market dealers, private issuers and individual account holders.
- Corporate Services – manages press releases, SEDAR, SEDI filings, as well as a whistleblower program for public issuers.
“Capitalizing on our federal trust license is an important step for our business,” Kaye said. “We are beyond grateful for the support we have received from public issuers, lawyers, CFOs, general counsels and corporate secretaries across Canada who have believed in us and the need for higher standards and greater competition in our industry. We look forward to continuing this journey with you in a bigger arena.
About Odyssey Trust
Odyssey is an independent escrow and transfer agent with offices in Calgary, Vancouver and Toronto, co-agents in Minneapolis, MN (Odyssey Transfer US Inc.), London (UK), Hong Kong and Australia.
Odyssey Trust Company
Jenna Kaye, CEO | Email: [email protected] | T: 1-403-660-0192
Stéphanie Ball, Director, Communications| E: [email protected] | T: 1-403-390-1119
NATIONAL Public Relations
Craig McPhail | Email: [email protected] | T: 1-416-525-5709