Penson Financial Services Canada Inc. (PFSC) 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 in Canada.

The new unit will provide its clients with trade execution, custody and settlement of trades, as well as much of the administrative work traditionally performed by the portfolio managers. By leveraging the technology and customized approach that Penson has developed for its correspondent business, portfolio managers will be provided with a flexible platform that integrates their 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. Penson said offerings will benefit new and established investment counsel firms alike.

DeLuca Veale Investment Counsel Inc., based in Comox, B.C., is the first firm to select PFSC’s PensonPrime for trading, custody and account administration. DeLuca Veale was started by two former stockbrokers and was operational as of January 3rd, 2006.

Through PensonPrime, PFSC will provide DeLuca Veale with a complete spectrum of tools needed to service its clients, from account inception through, settlement and administration.

“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,” said John Skain, senior vp, PFSC.

PFSC, part of the Penson Worldwide group, is Canada’s largest independent clearing firm.

Penson Financial Services Canada Inc.