Back to all announcements


Proffitt and Gregory Appointed Joint Managing Directors

London, 12 October 2004 – Penson Worldwide, a leading provider of execution, clearing, custody and settlement services for the global securities markets, today announced that it is renaming its London operations from Penson Worldwide Settlements Limited to ‘Penson Financial Services Limited’. The name change reflects the breadth of the UK’s service offerings, bringing it in line with the Group’s North American counterparts. Jay Proffitt and Chris Gregory have been appointed joint Managing Directors of the newly-named firm to help take the company through to its next phase of development. The changes to the UK business reflect the company’s significant success over the past year, attracting nine new correspondents between January and October 2004.

Dan Son, President, Penson Worldwide, comments: "The last 12-18 months have been an enormously exciting time for Penson throughout its North American and European operations. Our breadth of flexible service offerings, from clearing, custody and settlement services to front-end trading execution solutions, have been ardently adopted by broker dealers, wealth managers and principal trading firms throughout North America and Europe."

Son adds: "In common with Penson’s Canadian and the US operations, Penson Financial Services Limited offers a suite of outsourced services that are tailored to the individual client. The management restructure will enable our UK business to focus on the suite of superior technology and product offerings in the Penson Bureau as well as to further develop and grow the clearing business."

Jay Proffitt and Chris Gregory both become Managing Directors and members of the executive committee and will be jointly responsible for business growth. Jay Proffitt joined Penson in June 2001 at the Dallas, Texas headquarters as manager of International Integration. Chris Gregory joined Penson in Sept 2003 as Director of Execution Services. Andrew Murray, previously Managing Director, will retain his focus on finance becoming Chief Financial Officer and a member of the Board.

Chris Gregory, Managing Director, Penson Financial Services Ltd, says: "The next couple of months are going to be the most exciting and most challenging period we've faced at Penson in London. Having acquired Worldwide Settlements four years ago, it is now time to take the business to the next level. We have some incredible projects in the pipeline and we are looking forward to seeing them come to fruition."

Jay Proffitt, Managing Director, Penson Financial Services Ltd, comments; "The continued and steady growth of our client base is evidence of our ability to deliver cost effective, flexible, unique solutions. The requirements of each client are used to create unique solutions from our Bureau of products. With this dynamic approach and fresh outlook, I look forward to the business challenges and opportunities ahead."

While roles and processes are being reviewed and new structures implemented, Penson continues to focus on servicing its existing 30+ correspondent clients. With an impressive new business pipeline, Penson is currently working on multiple transitions of new correspondent clients and expects to see similar growth levels during the next twelve months.