As a result of this deal, Pershing will have a significantly larger footprint in Australia, the world’s 14th largest economy and the eighth largest equity market, and will have strong prospects for growth in the advisory and retirement spaces, according to BNY Mellon.

“Australia is strategically important to BNY Mellon in Asia-Pacific, both to continue our local franchise growth and to support our clients’ objectives,” said Steve Lackey, chairman of Asia-Pacific, BNY Mellon. “The acquisition of PFSA adds new capabilities for our institutional clients and reflects our continuing investment in the region.”

BNY Mellon has been active in Australia for more than 35 years, delivering a variety of asset management, payment, trustee, depositary receipt, clearing and global custody services to Australian banks, institutional investors, listed corporations and broker/dealers. The company has offices in Sydney, Rosebery NSW and Melbourne.

In addition to providing clearing services in Australia, PFSA holds an Australian Financial Services License, is a market participant of the Australian Stock Exchange and a clearing participant of the Australian Clearing House.

The Penson Worldwide group of companies provides execution, clearing, custody, settlement and technology infrastructure products and services to financial services firms and others servicing the global financial services industry. The Penson Worldwide group of companies includes Penson Financial Services, Inc., Penson Financial Services Canada Inc., Nexa Technologies, Inc., Penson Financial Services, Ltd., Penson Asia Limited, and Penson Financial Services Australia Pty Ltd, among other companies. It is headquartered in Dallas, Texas.