Thanks to this relationship and the development of Pensonâs ACD interface, Pensonâs investment advisor clients and broker-dealer correspondents who use Adventâs portfolio accounting and reporting tools, now have direct, electronic access to client data held at Penson. The project, which began in 2004, was completed in six months.
Doug Throckmorton, Vice President, Institutional Client Services, Penson Worldwide, Inc. says: "Growing businesses in the retail financial services arena, including financial advisors, broker/dealers and money managers face the unique challenge of providing excellent client service while simultaneously competing for assets with larger firms. Joining Adventâs ACD network demonstrates Pensonâs ongoing commitment to helping investment advisors and broker/dealers of all sizes compete with their more established competitors, on a level playing field."
Will Clemens, Vice President, Straight-Through Processing, Advent Software, Inc., says: "Penson joins a growing list of firms that are making their portfolio account data available to clients through the ACD network, allowing us to offer our clients a comprehensive data service. Weâre delighted to have such leading firms as Penson on board."
Dan Son, President, Penson Worldwide, Inc., comments: "Penson has delivered flexible and cost-effective execution, custody and clearing services to the investment management sector since 2002, when we set up a dedicated Institutional Client Services Group. These services, combined with our commitment to work with best-of-breed third party partners, enable us to continue to provide significant benefits to our retail clients as their needs evolve and grow. We look forward to continuing our close working relationship with Advent to ensure our respective clients can maximize the market opportunities this relationship will offer."