(MENAFN- GlobeNewsWire - Nasdaq) 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 Federal trust company, allowing the company to extend its transfer agent and trust services across the country upon receipt of requisite provincial regulatory approvals, including in Ontario, Canada's largest financial market. This move is expected to shake up the Canadian transfer agent and trust services market, controlled, until today, by only two other providers.
Receiving its Federal trust license is the culmination of Odyssey's growth, and a reflection of the support of the Canadian capital markets ecosystem of a trust company committed to making life simple, fast and easy for its clients and their shareholders. Odyssey's coverage of Canadian issuers extends across Canada, with offices in Vancouver, Calgary, Toronto and planned expansion in Montreal and Halifax in 2023. It has grown its client base to over 1,000 issuers, its team to over 120 people and its assets in trust in excess of $1B.
In addition to providing transfer agent and trust services to some of Canada's largest public issuers, Odyssey also recently launched a Registered Plans division, providing RRSP and TSFA Account Administration, as well as an Employee Plans division providing Equity Stock Management. In September, 2022, Odyssey was named the 8th top-growing company in Canada by Globe and Mail's 2022 Report on Business.
First Female Founded Federal Financial Institution
'I'm extremely honored to launch Canada's first female-founded Federal financial institution and break one more 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 line of services into Ontario. The next phase in our growth will see us continue to disrupt an archaic industry through our steadfast commitment to exceptional service, cost-effective pricing and innovative solutions.”
As a Federal trust company, Odyssey intends to offer the following services to issuers Canada-wide:
Transfer Agent Services – manages and maintains the securities register of publicly listed issuers (who are required by securities regulations to utilize a trust company for this service) and provides cap table management for private issuers. Corporate Trust – provides trust services for a variety of engagements, including escrow agent (cash or shares), subscription receipt agent, warrant agent, debt trustee (unsecured and secured) and collateral agent trustee. Corporate Actions – acts as a third-party administrator for M&A transactions, primarily in the role of Depositary or Paying Agent. Employee Plans – provides an Equity Stock Management solution for the administration of Option, ESPP, ESOP, RSU and DSU Plans. Registered Plans - provides RRSP and TSFA Account Administration to Exempt Market Dealers, private issuers and individual account holders. Corporate Services – manages Press Release, 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,' said Kaye. 'We're beyond grateful for the support we've had from public issuers, lawyers, CFOs, General Counsel and Corporate Secretaries across Canada who have believed in us and the need for higher standards and more competition in our industry. We look forward to continuing this journey with you in a bigger arena.”
About Odyssey Trust
Odyssey is an independent trust 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 | E: | T: 1-403-660-0192
Stephanie Ball, Director, Communications| E: | T: 1-403-390-1119
NATIONAL Public Relations
Craig MacPhail | E: | T: 1-416-525-5709
