Penson Worldwide, Inc. Engages Financial Technology Partners as Exclusive Advisors on Potential Sale of Canadian Subsidiary
DALLAS & MONTREAL--(BUSINESS WIRE)-- Penson Worldwide, Inc. (PNSN) announced that, due to the significant interest shown in Pensons Canadian business, its Board of Directors has recently engaged Financial Technology Partners LP and FTP Securities LLC (together, FT Partners) as exclusive financial and strategic advisors for the potential sale of its Canadian subsidiary, Penson Financial Services Canada Inc. (PFSC).
PFSC, the largest independent clearing firm in Canada, is also Pensons largest international subsidiary. As of September 30, 2011, PFSC had more than 100 client firms, including 28 correspondent broker dealers; book value of $54 million (CA$56 million), 12-month trailing net revenues of $46 million (CA$46 million), and 179 employees.
The Board has acted in response to recent serious interest in PFSC from several financial institutions as well as a result of the recent successful sale of Pensons Australian subsidiary. Any sale of PFSC, which cannot be assured until an agreement is reached, would be subject to regulatory and other customary approvals. The sale of PFSC now becomes part of the Companys overall strategic initiatives involving the sale of non-core assets, reducing debt and costs, and improving profitability.
As a consequence of the Boards decision, Penson has decided to focus the Company on its core US securities and futures businesses, said Philip A. Pendergraft, Chief Executive Officer of parent Penson Worldwide. These businesses have significant excess regulatory capital, with virtually all customer segregated funds held in U.S. bank accounts with FDIC insurance coverage. We believe significant opportunities exist in the U.S. for a clearing and execution firm like Penson, where our agency business model allows us to have our core focus on our correspondent clients.
About Penson Financial Services Canada: www.penson.ca
As Canada's leading independent carrying broker, Penson offers custom, service-focused solutions that are both innovative and economically attractive. Such an adaptable product offering makes Penson a clear choice for a wide variety of financial institutions in the Canadian marketplace. With offices in Montreal, Toronto, Vancouver and Calgary, PFSC is a participating organization with the Toronto Stock Exchange, the Montreal Exchange, the CNSX Exchange and the TSX Venture Exchange, is regulated by the Investment Industry Regulatory Organization of Canada, is a member of the CIPF, CDCC and CDS and subscribes to various Canadian Alternative Trading Systems.
About Penson Worldwide: www.penson.com
The Penson Worldwide group of companies provides execution, clearing, custody, settlement and technology infrastructure products and services to financial services firms and others servicing the global financial services industry. The Penson Worldwide group of companies includes Penson Financial Services, Inc., Penson Financial Services Canada Inc., Penson Financial Services Ltd., and Nexa Technologies, Inc., among other companies. Headquartered in Dallas, Texas, Penson has served the clearing needs of the global financial services industry since 1995. Penson Worldwide - Building the Best Clearing and Execution Services Firm in the World.
Penson Financial Services, Inc. is a member of FINRA, New York Stock Exchange, NYSE Arca Exchange, NYSE Amex Equities, NYSE Amex Options, BATS Exchange, Direct Edge Exchanges (EDGA and EDGX), Chicago Board Options Exchange (CBOE), Chicago Stock Exchange, International Securities Exchange (ISE), NASDAQ OMX BX, NASDAQ OMX PHLX, NASDAQ Stock Market, NASDAQ LIFFE, LLC, National Stock Exchange, Options Clearing Corp. (OCC), Fixed Income Clearing Corp. (FICC), MSRB, National Securities Clearing Corp. (NSCC), DTC, ICMA, Euroclear, and SIPC. Penson Financial Services, Inc. is also a registered Futures Commission Merchant and clearing member at the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Comex, Kansas City Board of Trade, Minneapolis Grain Exchange, NYSE Liffe US, NYSE Euronext LIFFE, ONEChicago, ICE CLEAR Europe and ICE Futures USA.
Penson Financial Services Ltd. is a member of the London Stock Exchange, Chi-X Europe, BATS Europe, NYSE Arca, NYSE Euronext, and SmartPool, and is authorized and regulated by the Financial Services Authority.
About Financial Technology Partners LP and FTP Securities LLC: www.ftpartners.com
FT Partners is the only investment banking firm focused exclusively on providing strategic and financial advisory services to CEOs in the dynamic financial services and technology sector. The firm offers strategic advisory services in mission-critical transactions including mergers, acquisitions, IPOs, LBOs, refinancings, recapitalizations and private capital raisings. FT Partners was recently recognized as Investment Banking Firm of the Year in 2011 having previously won this award in 2004 and 2006. Any securities related transactions contemplated by or acted upon hereunder are conducted by FTP Securities LLC, a FINRA broker-dealer and a wholly owned subsidiary of Financial Technology Partners LP.
Forward-Looking Statements: Statements contained in this news release that are not based on current or historical fact are forward-looking in nature. Such forward-looking statements are based on current plans, estimates and expectations. Forward-looking statements are based on known and unknown risks, assumptions, uncertainties and other factors. Actual results, performance, or achievements may differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. Penson undertakes no obligation to publicly update or revise any forward-looking statement.
Anreder & Company, +1-212-532-3232
Gary Fishman (email@example.com)
Steven Anreder (firstname.lastname@example.org)
Michael Shallo (email@example.com)
Financial Technology Partners, +1-415-512-8704
Steve McLaughlin (firstname.lastname@example.org)
Larry Furlong (email@example.com)
Source: Penson Worldwide, Inc.Copyright Business Wire 2011