Penson Worldwide (NASDAQ: PNSN) announced today that its Australian subsidiary, Penson Financial Services Australia Pty Ltd (PFSA), has signed a 5-year exclusive agreement to provide clearing services for equities and exchange traded options for Austock Securities Limited, which is a wholly owned subsidiary of the Austock Group (ASX: ACK).
"We are delighted that Austock has chosen Penson as its exclusive provider of clearing services," said Craig Mason, Managing Director and CEO of PFSA. "Our independent, third-party clearing model is gaining momentum in the Australian market and is enabling our correspondents to focus on their core strengths to grow their businesses more efficiently."
Austock Group is an independent, diversified investment and financial services group. It has a culture and track record of being prepared to invest in building sustainable returns for its clients and shareholders. Founded in 1991, the Company now includes corporate and securities, private wealth and investment management businesses. Austock has offices in Melbourne and Sydney in addition to its international affiliations.
In February, Austock named Paul Masi as the Group Chief Executive Officer and Managing Director. Most recently, Mr. Masi was the CEO of Bank of America - Merrill Lynch Australia and prior to that he was the head of Merrill Lynch's equity operations in Asia.
"Austock is PFSA's fourth correspondent signing, building our presence as a leading provider of independent, third party clearing in Australia," said Bryce Engel, Executive Vice President of Penson Worldwide responsible for international businesses. "We are excited by the opportunities in Australia and look forward to converting other Australian correspondents in the months ahead."