Penson Ventures Launches Market Essentials Group in Canada

Date: Friday, July 7, 2006
Author: Finextra.com

Penson Ventures, Inc., an subsidiary of Penson Worldwide, Inc. (NASDAQ: PNSN), today announced the launch of the Market Essentials Group (MEG), a company developed to coordinate outsourced, non-clearing services to brokerages and investment counsel firms in Canada.

Market Essentials Group was conceived to provide brokers and investment counsellors with a suite of tools essential to efficient operations, and which are often too costly and time-consuming to perform internally. Key services offered will include human resources and information technology, as well as risk management, compliance and accounting solutions. MEG will operate by entering into contractual arrangements with service providers who are specialists in their fields and offering experienced services to all types of financial firms.

"We anticipate that the Market Essentials Group will provide great value to our customers as well as to other investment firms," said John Skain, Senior Vice President, Penson Financial Services Canada. "Having effective risk management and human resource processes are essential to the success of any new or existing business. MEG will assist firms in implementing these processes that are not core to their business but are, nevertheless, critical to their business success. MEG will help brokers and investment counsellors operate cost-effectively while helping Penson Canada enhance existing customer relationships and form new ones."