Toronto, April 10, 2006 â Penson Financial Services Canada Inc. (PFSC), part of the Penson Worldwide group, a leading provider of execution, clearing, custody and settlement services for the global securities markets, today announced the launch of PensonPrime Custody & Trading Services, a business unit specifically designed to provide trading, custody and account administration services to Investment Counsel Portfolio Managers (ICPMs) in Canada.
PensonPrime will provide its clients with trade execution, custody and settlement of trades, as well as much of the administrative work traditionally performed by the ICPM. By leveraging the technology and customized approach that Penson has developed for its correspondent business, ICPMs will be provided with a flexible platform that integrates the ICPMâs system and business processes with those of PensonPrime. In addition, PensonPrimeâs customers benefit from account protection, a business continuity plan and regular, highly customizable reports for to help manage their clientâs portfolios. The advanced and tailored offerings will benefit new and established Investment Counsel Firms alike.
DeLuca Veale Investment Counsel Inc, (DVIC) based in Comox, British Columbia, is the first ICPM to select PFSCâs PensonPrime for trading, custody and account administration. DVIC was started by two former stockbrokers and was operational as of January 3rd, 2006.
John Skain, Senior Vice President, Penson Financial Services Canada, says: âPensonPrime was created specifically to provide support to Investment Counsel Portfolio Managers. The independent Investment Counsel market is a rapidly growing area in the private client space. PFSCâs business focus is on independent financial services companies, and this allows PensonPrime to concentrate efforts on servicing the needs of independent advisor firms. We are not burdened with bureaucracy and competing internal demands which can cause attention to be diverted to fulfilling other business requirements.â
âWe recognized a void to be filled among ICPMs - they have to exert a great deal of time and energy to administrative functions that could be more productively channeled towards managing client assets and client relationships. Our solution gives ICPMs the tools needed to put their clientsâ needs first. More and more, we see new Investment Counsel Firms being set up by independent minded entrepreneurs, with years of experience in managing high net worth clients. PensonPrimeâs model complements these firms by understanding the needs & challenges of a new firm starting out and providing all the support necessary. Everything that we do centers on the ICPM."
Through PensonPrime, PFSC will provide DeLuca Veale Investment Counsel with a complete spectrum of tools needed to service its clients, from account inception through, settlement and administration.
Jonathan Veale, CIM, CFA, founder and partner, DeLuca Veale Investment Counsel, says: âDeluca Vealeâs Portfolio Managers bring their clients 17 years combined experience and a dedication to their clientsâ investment needs. However, as a new business, we needed a support system in place that could provide the technology, trade execution services and account management and service support necessary to allow us to dedicate our full attention to managing our clientsâ portfolios. PensonPrime was launched just in time, as it provides the services and professionalism to build our client relationships. We are able to leverage Pensonâs clearing services, while we focus on what really matters: servicing our clients."