Penson Worldwide, a leading provider of execution, clearing, settlement, custody and technology products and services to the global financial services industry, announced today the promotions of Dan Weingarten and Sean Malloy to senior vice presidents and co-directors of global sales and marketing.
Both Weingarten and Malloy joined Penson Financial Services, Inc. (PFSI), a U.S. subsidiary of Penson Worldwide, in July of 2007 as senior vice presidents of US sales and marketing. In their expanded role, Weingarten and Malloy will continue to direct the US sales team while assuming responsibilities for developing and executing Penson Worldwide's global sales and marketing strategy.
As members of the Penson team for just over one year, Weingarten and Malloy have been instrumental in building a strong sales effort, as well as the development and implementation of several key initiatives. Weingarten and Malloy have focused on the introduction and cross-selling of historically PFSI's US-based equity clients to Penson's various operating companies around the world. This expanded focus on international opportunities helped PFSI to sign several large customers, many of which have also signed with other Penson Worldwide affiliates including Penson GHCO, Penson Financial Services Canada Inc. and Penson Financial Services. Weingarten and Malloy have led Penson's sales team in the signing of 40 new correspondents in the past year, two of which are expected to fall within Penson Worldwide's top five in terms of revenue.
Weingarten and Malloy have also been responsible for the building, implementation and successful launch of Penson's Trade Aggregation Program (TAP). Launched in November 2007, TAP aggregates trades from correspondent and non-correspondent clients for processing through counter-party organisations, enabling Penson to reduce its total cost of trading. Weingarten and Malloy have also been integral in the development of Penson's PAR, a suite of algorithms offering a variety of benchmark and custom algorithmic solutions as well as enhancing execution services at the firm. Malloy has also served as head of the Global Sales Committee for the majority of the last year.
Other achievements of note include a recent partnership with Mixit, a provider of world-class, advanced trading technology and FIX-based connectivity solution. This partnership is one of the many initiatives Penson has taken towards expanding its offerings to existing clients and reaching a broader, more global audience of correspondents, institutional broker/dealers and buy-side customers. Additionally, the development of inroads with several NYSE member firms over the past year is another enterprise that the team counts as a success.
"As we continue to grow into a global organisation, we have the need to expand our global leadership team," said Daniel P. Son, President of Penson Worldwide. "Dan and Sean have an impressive background of applying innovative thinking to business processes within the financial services industry. They have had multiple successes in their time here at Penson, and have become indispensable to our senior management team. I am pleased to welcome them to their new roles."
Before joining Penson, Weingarten and Malloy were the co-heads of sell-side sales at Nyfix Millennium, the New York based electronic equity firm, where they oversaw all sell-side sales for the dark liquidity ATS as well as additional execution services.