The new service facilitates the execution of transactions without the need for manual intervention and ensures that orders are filled on a "best execution" basis. This lowers the cost of dealing and significantly reduces the frequency of failed trades with a corresponding reduction in reconciliation issues. As a result, European wealth management organisations are now able to outsource their front and middle office activities as well as clearing, settlement and custody, which are the traditional back office outsourcing services supplied by Penson.
"With the launch of this new service, Penson provides a best-of-breed, one-stop-shop which enables wealth management businesses to use a single supplier for their outsourcing requirements and have their activities automated through straight through processing, from front to back office," says Sharron Davey, sales and marketing executive for Penson. "We have worked closely with MBA Systems to complete the delivery of this new facility which is now fully operational. They are market leaders in this field so we are confident that we have the best fully integrated working solution available today."
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