Deal set to exclude proprietary trading business
Penson Worldwide last week bought Goldenberg Hehmeyer
(GHCO)'s clearing and customer business in a deal valued at
$35m in cash and Penson stock.
The move was designed to help Penson expand and grow further
into the futures markets through a variety of clearing firm
memberships on futures exchanges. The deal also highlighted
Penson, which went public in May, as a fast-growing firm with a
focus on clearing and execution services primarily in equities.
Chris Hehmeyer and Ralph Goldenberg who founded their firm,
were to continue to serve within the new company to be named
Penson GHCO, in Chicago.
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.