Penson Worldwide to sell London-based financial services arm
11 August 2011 Dallas
Image: Shutterstock
Penson Worldwide has announced its intent to sell Penson Financial Services (PFSL) in London in a bid to return to profitability and shed costs after a disappointing quarter.
Based upon the current expressions of interest, Penson believes that the sale of PFSL will result in a one-time gain.
The financial services provider anticipates completion of a deal by the end of this year and expects to maintain access to UK and European markets for its North American correspondents. PFSL generates around $9 million in net revenues while operating losses are in the $6 million range.
The company also named Bryce Engel as president and CEO, a new position.
Based upon the current expressions of interest, Penson believes that the sale of PFSL will result in a one-time gain.
The financial services provider anticipates completion of a deal by the end of this year and expects to maintain access to UK and European markets for its North American correspondents. PFSL generates around $9 million in net revenues while operating losses are in the $6 million range.
The company also named Bryce Engel as president and CEO, a new position.
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