Waterhouse Investor Services, the New York-based brokerage unit of Toronto-Dominion Bank, will open its first New York retail branch in December.

The office will be in Manhattan at the Waldorf-Astoria hotel on Park Avenue, said John Chapel, president of Waterhouse Securities. He said Waterhouse chose the spot because it is "high-profile and visible." The walk-in branch will feature a stock ticker and news services, he said.

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