The trend towards multi-asset class brokerage continues as equity clearing firm Penson Worldwide Inc. will purchase the customer clearing organization of Goldenberg, Hehmeyer & Co. The $35 million deal, 75% in cash and the balance in Penson Worldwide stock, is expected to close in January. The proprietary business of Goldenberg Hehmeyer will become an independent company managed primarily by Ralph Goldenberg, and that company will sign a long-term clearing agreement with the new company, Penson GHCO.
“We have known for some time that we need a stronger futures offering,” says Philip A. Pendergraft, Penson founder and CEO. “Growth in the Goldenberg Hehmeyer customer business has been slowed by a lack of capital and visibility and from the lack of ability offer multi asset classes in an integrated way. Our combination will solve both of these issues leading to a powerful new competitor in the futures space.”
“We at GHCO are extremely pleased to have found a partner with the financial strength to help us provide our customers with the best access to international, multi-asset class products with competitive pricing and clearing,” says Chris Hehmeyer, co-chairman of GHCO. “This transaction brings together the proven capabilities of an industry innovator in the equities and options trading and clearing business and an industry leader in the futures trading and clearing business.
Penson GHCO will be headquartered Chicago.