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The Board of Directors of Penson Worldwide, Inc. (NASDAQ: PNSN) announced the appointment of Robert S. Basso, 66, a highly experienced securities industry executive with extensive knowledge of the clearing business, as an independent Director effective February 9, 2012. Mr. Basso also was appointed as a member of the Board’s Audit and Nominating and Corporate Governance committees. The Board of Directors also announced the resignation of Dr. James S. Dyer, 68, who resigned February 9, 2012.
“We are extremely pleased to have Bob join our Board,” said Roger J. Engemoen, Jr., Chairman. “Bob has more than 40 years of industry leadership experience in securities clearing, execution, settlement, administrative and management information services. He is considered to be a pioneer in clearing, having played key roles at Fidelity’s National Financial, UBS PaineWebber’s Correspondent Services Corporation, and Merrill Lynch’s Broadcort Capital.”
“We also thank Jim Dyer for his service and dedication to Penson since joining the Board in 2000,” Mr. Engemoen said.
Mr. Basso founded in 2006 and currently serves as managing director of BEST Partners, LLC, an independent financial services consulting firm. He served as Executive Vice President of the National Financial clearing and execution subsidiary of Fidelity from 2003-2004 after it acquired Correspondent Services Corporation. From 1990 to 2003, Mr. Basso served as Chairman and President of Correspondent Services Corporation, which provided clearing, execution, settlement and administrative and management information services as a subsidiary of UBS PaineWebber, Inc. Prior to that, Mr. Basso established and was responsible for the clearing business at Merrill Lynch & Co. and later its subsidiary, Broadcort Capital Corp., where he served as President.
Mr. Basso previously served as Trustee of the Securities Industry’s Foundation for Investor Education, chairman of the Western District of the Securities Industry Association (now known as the Securities Industry and Financial Markets Association -- SIFMA), a member of SIA’s national board, vice chair of the National Association of Securities Dealers (now known as the Financial Industry Regulatory Authority -- FINRA) District 1 Conduct Committee, and a chairman of its nominating committee.