Hedge Funds Want Quick Sale of Ameritrade

OMAHA – Two hedge funds with large stakes in TD Ameritrade said Friday they are not satisfied with the company’s timetable to sell itself and pushed for a quicker score. In a letter to the company disclosed Friday, Jana Partners and S.A.C. Capital Advisors, questioned the online broker’s ability to grow without a buyout and urged the company to enter negotiations, ideally with E-Trade Financial or Charles Schwab Corp. Ameritrade, which is 40% owned by Canadian bank giant Toronto Dominion Bank, was put in play last week after the company agreed to acquire Fiserv’s brokerage business and its $28 billion in retirement funds managed for $250 million. Ameritrade officials said last week they would be amenable to shopping the company, but the process won’t be a quick one.