PFSA will become an affiliate of Pershing, a BNY Mellon company.
PFSA is a clearing firm that offers execution and clearing services and also provides processing for local exchange-traded equities and exchange-traded options.
The acquisition is expected to expand the footprint of Pershing’s business in the Australia.
Pershing CEO Brian Shea said that the deal allows them to build upon BNY Mellon’s existing presence in Australia, where they see great growth prospects in the investment services business broadly and the broker-dealer and advisor markets specifically.
Penson Worldwide CEO Philip Pendergraft said that they are pleased to have reached agreement with a firm committed to continue to provide PFSA’s correspondents with the high level of service to which they have been accustomed, while also continuing to provide access to Australian markets for Penson correspondents.
The transaction is expected to close in the fourth quarter of 2011, subject to regulatory approval.
