POWERED BY MOMENTUM MEDIA
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
The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
Super balances have continued to rise in August, with research showing Australian funds have maintained strong momentum, delivering steady gains for members.
Australian Retirement Trust and State Street Investment Management have entered a partnership to deliver global investment insights and practice strategies to Australian advisers.
CPA Australia is pressing the federal government to impose stricter rules on the naming and marketing of managed investment and superannuation products that claim to be “sustainable”, “ethical”, or “responsible”, warning that vague or untested claims are leaving investors exposed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
