Penson merges FCM and BD business
Penson Worldwide has announced the successful integration of its broker-dealer and US futures businesses, which will combine the operations of Dallas-based Penson Financial Services and Chicago-based Penson futures.
This will facilitate more efficient use of capital and increased operating efficiencies. No other changes in management, marketing, resources or offices are contemplated, the firm said.
The move is part of a major strategy review announced after disappointing earnings in the second quarter.
Other key changes expected include the sale of one of Penson’s UK operations and the expansion of its outsourcing agreement with Broadridge in Canada.
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