Penson Worldwide, Inc. (NASDAQ: PNSN), a leading provider of execution, clearing and technology for global financial markets, and privately-held Goldenberg, Hehmeyer & Co. (GHCO) of Chicago, IL, a leading international futures clearing and execution firm, today announced the signing of an agreement for Penson to purchase the clearing and customer interests of GHCO. Upon acquisition, GHCO will be renamed Penson GHCO and will continue providing its industry-leading technology products and services to active traders. GHCO’s co-chairmen Ralph Goldenberg and Chris Hehmeyer will become Vice Chairman and CEO of Penson GHCO, respectively. The acquisition is subject to customary closing conditions.
Philip A. Pendergraft, CEO and co-founder of Penson, said: “The GHCO acquisition significantly enhances Penson’s capabilities and capacity in futures clearing, in line with our growth plans, and will provide our existing customers a major footprint at the intersection of equities, futures and options at a time of dynamic convergence in the financial services industry.”
Daniel P. Son, President and co-founder of Penson, added, “The addition of GHCO is expected to add important value to Penson’s futures and exchange-traded derivatives capabilities. It will further strengthen our ability to help our clients maintain their competitive edge through our comprehensive range of flexible global correspondent execution, clearing, settlement, custody and technology solutions.”
Penson GHCO headquarters will remain in Chicago and continue to operate through its offices in New York, London and Minneapolis as well as clear through the Chicago Board of Trade, the Chicago Mercantile Exchange, LCH Clearnet and the Minneapolis Grain Exchange. As a part of the Penson Worldwide group of companies, Penson GHCO will provide customers with efficient, cost-effective global access to a wide array of exchange-traded futures and options, including those based on U.S. equity index products, single stock futures, foreign exchange, interest rate products across the U.S. and foreign yield curves, and will include agricultural and industrial commodities, including energy, weather and real estate derivatives. According to Futures magazine, GHCO is one of the top 50 futures commission merchants (FCMs) in the U.S.
Chris Hehmeyer, Co-Chairman of GHCO, commented, “We at GHCO are extremely pleased to have found a partner with the financial strength to help us provide our customers with the best access to international, multi-asset class products with competitive pricing and clearing, and which will continue to provide the highest standard of customer services which we have become known for throughout the industry. This transaction brings together the proven capabilities of an industry innovator in the equities and options trading and clearing business and an industry leader in the futures trading and clearing business.”
GHCO was advised by the investment banking firm of Sandler O'Neill + Partners, L.P. and was represented by the law firm of Gardner, Carton and Douglas, LLP. Penson was represented by the law firm of Morgan, Lewis & Bockius LLP.
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