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11 August 2011
Dallas
Reporter Anna Reitman

Penson Worldwide to sell London-based financial services arm

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.

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