Penson Financial Services (PFSL), the UK-based clearing services subsidiary of Penson Worldwide, announced on Tuesday its appointment by IND-X Securities to provide fully disclosed outsourced clearing services.
IND-X, a subsidiary of Tokyo Stock Exchange-listed Japaninvest Group, Japan's largest independent research house, says its core activity is to offer fund managers unconflicted and anonymous access to multiple execution venues via a panel of executing brokers, and providing a commission management system called PORT.
"IND-X is looking to broaden its offering to clients by adding new markets," comments Peter Twist, CEO, IND-X. "As part of our search for a clearing partner, we were looking for an independent firm to support the requirements of growing execution firms. We believe that Penson's infrastructure is well-positioned to support our growth strategy for 2008 and beyond," he continues.
"At Penson, we work with many fast-growing execution firms and believe we are well-positioned to anticipate their requirements," comments Sharron Davey, director, client services, sales and marketing, PFSL. "At the heart of our offering sits underlying technology designed to ensure that processing and reporting requirements are managed as efficiently as possible. Technology, however, is just one piece of the client delivery equation. Our service infrastructure supports the implementation of our technology and focuses on the overall service delivery to clients," she explains.