Penson financial services canada inc.

April 10, 2006 10:06 ET

Penson Canada Launches PensonPrime to Service Investment Counsel Portfolio Managers

TORONTO--(CCNMatthews - Apr 10, 2006) -

DeLuca Veale Investment Counsel Inc. Selects PensonPrime for Trading, Custody & Account Administration Services

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 ICPM's system and business processes with those of PensonPrime. In addition, PensonPrime's customers benefit from account protection, a business continuity plan and regular, highly customizable reports for to help manage their client's 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 PFSC's 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: "PensonPrime 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. PFSC's 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."

"We 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 clients' 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. PensonPrime's 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: "Deluca Veale's Portfolio Managers bring their clients 17 years combined experience and a dedication to their clients' 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 clients' portfolios. PensonPrime was launched just in time, as it provides the services and professionalism to build our client relationships. We are able to leverage Penson's clearing services, while we focus on what really matters: servicing our clients."

About Penson Financial Services Canada Inc.: www.penson.ca

Penson Financial Services Canada Inc. is a technology-focused provider of securities services outsourcing, offering flexible customized solutions to all types of financial institutions globally. Penson is Canada's largest independent clearing firm. As Penson Financial Services Canada, Inc. focuses only on these services, it is able to bypass banking institutions in quality of service and value to its clients.

Penson Financial Services Canada, Inc. is a member of the Toronto Stock Exchange, the Montreal Exchange (approved participant), the TSX Venture Exchange, the Canadian Trading & Quotation System Inc., is regulated by the Investment Dealers Association of Canada, and is a member of the CIPF.

About Penson Worldwide: www.penson.com

The Penson Worldwide group of companies provides execution, clearing, custody, settlement, and technology infrastructure products and services to securities firms and others servicing the securities industry. Penson Worldwide, Inc. is the parent company for Penson Financial Services, Inc., Penson Financial Services Canada, Inc., Penson Financial Services Ltd., Nexa Technologies, Inc. and Penson Financial Futures, Inc. among other companies. Penson is the Flexible Choice in Global Securities Services™.

About DeLuca Veale Investment Counsel Inc.: www.delucaveale.com

Deluca Veale Investment Counsel Inc. is a new firm established to provide an enhanced level of investment management services to high net worth private clients, corporations, pension funds, and charitable foundations in British Columbia, Canada. Founders Jonathan Veale and Richard DeLuca have 17 combined years of experience, most recently as stockbrokers with major Canadian and US Investment Firms.

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