Penson Financial Services to launch in Australia in second half of 2009
Penson Worldwide, which provides execution, clearing, custody, settlement and technology products to financial services businesses, will launch a financial services business, Penson Financial Services Australia, in the second half of this year.
Penson Financial Services will provide a third-party clearing business through GBST Holdings in advance of the launch of its Australian operations. GBST is a securities transaction and fund administration software company.
The managing director and chief executive of Penson Financial Services, Craig Mason, said GBST’s experience would ensure that the company would have a solution on the first day of its operations to meet the needs of the Australian market.
“We are confident that the investments made by GBST in the later stages of 2008 will assist in evolving the processing and settlement requirements for the market moving forward,” he said.
GBST acquired a processing and technology business, Coexis, for $40 million in December 2008. Penson Worldwide provides processing and technology services in the United States, Britain and Canada, through Coexis’ technology platform Syn~.
GBST chief executive Stephen Lake said: “The opportunity to partner with Penson in the Australian market as they roll out their third-party clearing business is exciting and certainly is one step toward meeting our ambitions.”
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.