Penson Worldwide has announced that it has entered into an expanded master services agreement (MSA) with Broadridge Financial Solutions.
"Our MSA with Broadridge strengthens the relationship between the two companies, provides immediate benefits to Penson, the opportunity for additional long-term cost savings and continues our progress with the strategic initiatives we announced in August, which are intended to reduce costs and debt, increase profitability and capital, and better position the company for growth," said Philip Pendergraft, CEO of Penson.
The agreement expands the scope of business process services outsourced to Broadridge and allows for the termination of the MSA schedule with Penson's UK arm.
