Clarendon Securities is the securities brokerage
division of GIT Investment Services, Inc. of Arlington, Virginia
(GIT). GIT is an affiliate of Presidential Bank, Bethesda, Maryland.
Clarendon's umbrella company, GIT Investment
Services, was founded more than twenty years ago in 1982, as one
of the early discount brokerage firms, not long after discount brokers
first became a recognized segment of the securities industry once
securities trading commissions were deregulated on May 1, 1975.
Clarendon Securities no longer provides securities brokerage services on a retail basis to the general public. Its brokerage activities are currently limited to institutional customers only.
Since 1983, GIT has also offered its Insured
Money Market Account program, providing money market yields
on FDIC insured money market deposit accounts. This product was
an outgrowth of the deregulation of the interest rates that banks
were allowed to pay on deposits, beginning in 1982.
For many years, GIT was the primary distributor
of the GIT Investment Funds group of no-load mutual funds (now called
the Madison Funds), including money market, government, corporate,
high yield, and tax exempt bond funds, as well as growth, equity
income, and international emerging market common stock funds. GIT
has also conducted private placements of investments in international
emerging markets that are available only to institutional investors.