Source: Penson Worldwide
Penson Worldwide (NASDAQ: PNSN), a leading provider of execution, clearing and technology for global financial markets, announced completion of the acquisition of all of the partnership interests of privately-held Goldenberg, Hehmeyer & Co. (GHCO), a futures clearing and execution business, and the distribution of its proprietary trading business to one of its former general partners.
GHCO is based in Chicago, IL and is one of the leading futures commission merchants (FCMs) in the U.S. Penson expects the business, which has been re-named Penson GHCO, will be slightly accretive in 2007 after financing costs. The proprietary trading business of Goldenberg, Hehmeyer, which has become an independent company, has signed a four-year clearing agreement with Penson GHCO.
Penson GHCO will enhance Penson Worldwide's capabilities and capacity in futures clearing, in line with the Company's strategic plans. Penson GHCO, a leading provider of technology products and services to active futures traders, currently employs about 85 people at its Chicago headquarters and in New York, Minneapolis and London offices, and serves approximately 400 clients, including floor traders, introducing brokers, non-clearing FCMs, commercial grain companies and other institutional and professional trading firms. Penson GHCO clears through the Chicago Board of Trade (NYSE: BOT), the Chicago Mercantile Exchange (NYSE: CME), LCH Clearnet and the Minneapolis Grain Exchange. Ralph Goldenberg, a current co-chairman of GHCO, has become Vice Chairman of Penson GHCO, and Chris Hehmeyer, also a co-chairman of GHCO, has become President and CEO of Penson GHCO.