Dallas, 17 January 2005 – Penson Worldwide, Inc. the financial services group of companies providing execution, clearing, custody and settlement services for the global securities markets, today announced it has completed an interface to Advent Software’s Advent Custodial Data® (ACD) product. The interface will enable Penson’s money management and RIA clients to easily access and deliver cross-institutional, consolidated views of Penson-held accounts online, for improved portfolio management. Advent is a leading provider of automated solutions to the investment management industry.
Thanks to this relationship and the development of Penson’s ACD interface, Penson’s investment advisor clients and broker-dealer correspondents who use Advent’s portfolio accounting and reporting tools, now have direct, electronic access to client data held at Penson. The project, which began in 2004, was completed in six months.
Doug Throckmorton, Vice President, Institutional Client Services, Penson Worldwide, Inc. says: “Growing businesses in the retail financial services arena, including financial advisors, broker/dealers and money managers face the unique challenge of providing excellent client service while simultaneously competing for assets with larger firms. Joining Advent’s ACD network demonstrates Penson’s ongoing commitment to helping investment advisors and broker/dealers of all sizes compete with their more established competitors, on a level playing field.”
Will Clemens, Vice President, Straight-Through Processing, Advent Software, Inc., says: “Penson joins a growing list of firms that are making their portfolio account data available to clients through the ACD network, allowing us to offer our clients a comprehensive data service. We’re delighted to have such leading firms as Penson on board.”
Dan Son, President, Penson Worldwide, Inc., comments: “Penson has delivered flexible and cost-effective execution, custody and clearing services to the investment management sector since 2002, when we set up a dedicated Institutional Client Services Group. These services, combined with our commitment to work with best-of-breed third party partners, enable us to continue to provide significant benefits to our retail clients as their needs evolve and grow. We look forward to continuing our close working relationship with Advent to ensure our respective clients can maximize the market opportunities this relationship will offer.”
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About Penson Worldwide: www.penson.com
Penson Worldwide, Inc. is the holding company for Penson Financial Services, Inc., Penson Financial Services, Ltd., Penson Financial Services Canada, Inc., and Penson Financial Futures, Inc. The Penson Worldwide group of companies provides execution, clearing, custody, and settlement services in the United States, Canada, the United Kingdom, and Europe for broker/dealers trading in securities and financial futures, including single stock futures, and fixed income products. Penson Financial Services, Inc., headquartered in Dallas, Texas, has served the clearing needs of all types of broker/dealers since 1995.
Penson Financial Services, Inc. is a member of the Chicago Stock Exchange, NASD, Inc. and SIPC. Penson Financial Services Canada, Inc. is a participating organization with the Toronto Stock Exchange, the Montreal Exchange, the TSX Venture Exchange, is regulated by the Investment Dealers Association of Canada, and is a member of the CIPF. Penson Financial Services, Ltd. is a member of the London Stock Exchange and is regulated by the Financial Services Authority. Penson Financial Futures is a Futures Clearing Merchant member of the National Futures Association.
Penson’s services include:
Clearing and settlement
Direct market access execution
Exchange market hub-hosted connectivity
Penson provides international trading systems through its daughter company Nexa Technologies.
About Advent Software: www.advent.com
Advent Software, Inc. (www.advent.com), a multi-national company, has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in 50 countries using Advent technology manage investments totaling more than US $8 trillion. Advent's quality software, data and services enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.
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