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Plenty of Money for Acquisitions: TD Ameritrade CEO

While profits fell in its fiscal fourth quarter, TD Ameritrade President and CEO Fred Tomczyk told CNBC Tuesday that it had “plenty of capacity,” including $1.1 billion in liquid assets, to spend on acquisitions.

Tomczyk declined to mention any company targeted for acquisition.

Slower trading activity and higher expenses translated into a 27 percent fall in profits, reported the online trading company on Tuesday. Revenue was down to $609 million, from $665 million a year ago.

“When we did the earnings call in July, we said it was looking like a more typical summer slowdown season for trading and it definitely was,” added Tomczyk.

“Since Labor Day, we’ve seen the market come back, 9, 10 percent. Trading in October was running at 367,000 trades per day, month so far, that’s up 49,000 trades. We’ve seen a good lift in that, we’ve see the investor come back”.