Penson Financial Services Canada Inc., an affiliate of Penson Worldwide, Inc. (NASDAQ: PNSN), and leading independent Canadian clearing firm, announced today that it will act as custodian for Nicola Wealth Management Ltd.'s family of proprietary pooled funds which are designed to better serve the needs of its private-client customer base.
As Canada’s leading independent clearing service provider, Penson is able to offer customized solutions that are economically attractive to its customers, making it the premier choice for a wide variety of financial institutions throughout the Canadian marketplace. Nicola Wealth Management Ltd. provides a full range of comprehensive financial services to its client base of private investors and high net worth individuals. In order to best support its clients, Nicola also relies upon a network of external professional relationships. This outside support enhances the professional services offered as well as the technological aspects of the business, enabling the Nicola team to provide the best in high level comprehensive and integrated planning services to clients.
Jamie Duncan, COO for Nicola Wealth Management Ltd. said, “Penson’s industry knowledge, technical expertise, and entrepreneurial mindset promise to help us deliver the high-level service our clients require. In Penson, we have found a service provider that shares our exacting levels of professionalism and integrity, with a strong focus on service and technology.”
“Clearing, settlement and custody are back office functions that are mostly transparent to the end customer, but a vital and fundamental step in the process,” said John Skain, President, Penson Financial Services Canada. “What differentiates Penson is that instead of offering a one-size-fits-all package, Penson uses its flexibility to provide customized packages of services to allow clients to conduct their business according to their specific needs and business model, precisely the way in which Nicola approaches its business. We are very pleased to have this innovative and exciting firm as a client.”
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