Home   News   Features   Interviews   Magazine Archive   Industry Awards  
Subscribe
Securites Lending Times logo
Leading the Way

Global Asset Servicing News and Commentary
≔ Menu
Securites Lending Times logo
Leading the Way

Global Asset Servicing News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Latest news
  3. BNY Mellon to snap up Penson's Australian ops
Latest news
BNY Mellon to snap up Penson's Australian ops
28 November 2011 Dallas
Reporter: Anna Reitman

Image: Shutterstock
Penson Worldwide has announced its intention to sell Australian subsidiary, PFSA, to BNY Mellon for some $32 million. PFSA provides clearing services in Australia, holds an Australian Financial Services License and is a market, ACH Clearing and ASTC settlement participant of the Australian Stock Exchange and a trading participant of Chi-X Australia.


The agreement is for a share purchase transaction from which Penson expects to realise a gain of about $14 million when the deal closes in the fourth quarter this year.

“We are pleased to have reached agreement with a firm committed to continue to provide Penson Financial Services Australia’s (PFSA) correspondents with the high level of service to which they have been accustomed, while also continuing to provide access to Australian markets for Penson correspondents,” said Philip Pendergraft, CEO of Penson.

The sale of PFSA continues Penson’s implementation of the series of initiatives which it announced this August and follows other concluded business including the completion of the combination of Penson’s US broker-dealer and US futures businesses into a single entity and the expansion of the scope of Penson’s Master Services Agreement with Broadridge, which stipulates that the schedule with Penson's UK arm can be terminated.
← Previous latest article

ECB offers "early bird package" for T2S
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
Advertisement
Subscribe today