Wilson HTM has outsourced its clearing services to Penson Australia.
Investment firm Wilson HTM has appointed Penson Financial Services Australia (PFSA) as its clearing broker.
PFSA will provide Wilson HTM with clearing services for five years.
Wilson HTM previously managed its own clearing services.
"Outsourcing will improve scalability to support growth and permit greater focus on the core business of trading and advisory services," Wilson HTM chief operating officer Deane Sweeney said.
Wilson HTM is the seventh firm that has signed up with PFSA under a broker-dealer arrangement.
Other clients include Euroz Securities, Austock and independent stockbroking firm DJ Carmichael.
"There is a major transformation going on in the clearing industry here and abroad," PFSA managing director Craig Mason said.
"It is being driven by the desire on the part of brokerage firms to focus their capital on achieving their greatest customer value versus building their own pipes for processing trades."
Investors may need to shift a greater portion of their assets beyond Australia if they are to take advantage of emerging investment themes. ... read more »
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