New player pushes into Australian market
Penson Worldwide, which provides execution, clearing, custody, settlement and technology products to financial services businesses, will launch a financial services business, Penson Financial Services Australia, in the second half of this year.
Penson Financial Services will provide a third-party clearing business through GBST Holdings in advance of the launch of its Australian operations. GBST is a securities transaction and funds administration software company.
The managing director and chief executive of Penson Financial Services, Craig Mason, said GBST's experience would ensure that the company would have a solution on the first day of its operations to meet the needs of the Australian market.
"We are confident that the investments made by GBST in the later stages of 2008 will assist in evolving the processing and settlement requirements for the market moving forward," he said.
GBST acquired a processing and technology business, Coexis, for $40 million in December 2008. Penson Worldwide provides processing and technology services in the United States, Britain and Canada through Coexis' technology platform, Syn~.
GBST chief executive Stephen Lake said: "The opportunity to partner with Penson in the Australian market as they roll out their third-party clearing business is exciting and certainly one step towards meeting our ambitions."
AUTHOR
By Levy
Recommended for you
An Australian superannuation delegation will visit the UK this month to explore investment opportunities and support local economic growth, job creation, and long-term investment.
An ASIC review has identified superannuation trustees are demonstrating a “lack of urgency” around improving their retirement communication and still taking a one-size-fits-all approach.
Superannuation funds have welcomed the boost that Treasury’s improvement on the Low-Income Superannuation Tax Offset will have for women and younger members.
The proposed changes to the Low-Income Superannuation Tax Offset (LISTO) has been applauded by the superannuation sector.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
3
DomaCom DFS Mortgage
67.30 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
