First Allied Securities takes Frey accounts

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First Allied Securities Inc. entered into a letter of intent with D. E. Frey & Co. Inc. to acquire the right to service the customer accounts of D. E. Frey & Co. Inc. First Allied will establish a new division that will provide customers with trade execution and reporting, customer statements and other securities-related services. Customer accounts will continue to be held and cleared by Correspondent Services Corp., a wholly owned and guaranteed subsidiary of PaineWebber Inc. First Allied Securities will immediately establish the new division and commence servicing customer accounts.