Penson Financial Services, the London based clearing and settlements firm which is part of Penson Worldwide, the Texas-headquartered financial services group, has recruited Tyrone Conybear from Butterfield Private Bank to be its new director of operations.

Conybear is understood to have served as head of investment operations at Butterfield Private Bank - the London-based subsidiary of the Bermuda-headquartered Butterfield Group - since 2003. His prior career also includes senior posts at Indosuez WI Carr Securities, part of Credit Agricole, and Williams de Broe.

When contacted by WealthBriefing, Butterfield said that a successor to Conybear had been appointed internally, but declined to comment further on the appointee's identity.