Euro Pacific Capital recently announced it is leaving Pershing LLC’s platform and will clear and custody its assets with Fidelity-owned National Financial Services, according to CEO Peter Schiff.

The high-profile Schiff, who recently lost the Republican Senate primary in Connecticut to Linda McMahon and has previously made appearances on The Daily Show with Jon Stewart, says the move came as a result of cost considerations and the fact that NFS is stronger in the area of international investing, which is a firm focus.

“Pershing was simply too expensive in their fees,” Schiff says. “We’ve been unhappy with their pricing structure for some time and they weren’t willing to work with us on that. Also, they are not as good on the international investing side. The NFS platform and capabilities are much more robust in that aspect. We want to be able to offer our clients more choice in that area.”

Euro Pacific Capital was originally a client of Bank of New York, Schiff explains, and was put on the Pershing platform after Pershing was acquired by BoNY from CreditSuisse First Boston in 2004.

“We didn’t originally seek them out,” he says. “It was a consequence of the acquisitions BoNY was making at the time.”

As for his plans now that he’s on the NFS platform, Schiff is focused on growth in both his broker-dealer and asset management businesses.

“My broker-dealer has been in something of a holding pattern for the past few years,” he says. “We’re ramping that back up and expanding our institutional business with an international focus, so that was another consideration. We have $3 billion on the asset management side; there’s no reason it shouldn’t be $30 billion.”

Schiff says the firm recently expanded into Canada, and he was able to capitalize on economies of scale with his presence in both countries to get better pricing and fees at NFS. Pershing, he says, does not have a presence in Canada.

“NFS doesn’t have the custody charges or settlement charges that Pershing does, which saves me money, and as a result, so do my clients,” he says. “In the managed account space, those fees were on my clients, but no longer.”

In an e-mailed statement, Pershing responded to Schiff's comments with the following:

"We believe Mr. Schiff’s remarks regarding Euro Pacific Capital's relationship with Pershing are inaccurate and misleading. It is not our practice to discuss publicly the reasons why we decide to end business relationships with customers, so we have no further comment."