ConvergEx Group Launches NorthPoint Alternative Mutual Fund Division

NEW YORK, Sept. 29, 2011 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that NorthPoint, its prime services business, has launched a new division dedicated to the formation, performance and management of alternative mutual funds.  The new Alternative Mutual Fund Services division will work with traditional mutual funds and hedge funds that are interested in launching alternative mutual funds.  The offering will combine award winning service with ConvergEx's powerful investment technologies and advanced investment services to enable customers to raise assets, optimize performance and manage funds in compliance with 1940 act regulations.

Jay Jacobs has been hired to lead this new division.  An industry veteran with almost 30 years of experience, Mr. Jacobs was most recently a partner at Merlin Securities.

"Today, alternative mutual funds represent less than 1 percent of the $12 trillion mutual fund market. Since we began offering select services to launch alternative mutual funds back in May, we have seen a significant uptick in demand. We believe that trend will continue and our expectation is that alternative mutual funds will reach over 5 percent of the market within the next 10 years," said Doug Nelson, chief executive officer of ConvergEx's NorthPoint. "We are thrilled that Jay has come on board to run this new business. He has first-hand experience in every aspect of managing and operating alternative mutual funds, from creating a fund to fund distribution – all of which can be tremendously helpful in helping funds raise assets. No one in the industry is better suited for the job and our customers will benefit greatly from his years of experience."

ConvergEx's NorthPoint is an industry-leading provider of integrated prime services. Its full suite of technology-based solutions include prime custody, execution solutions, analytics and reporting, capital introduction, research, commission management and start-up services. Since being acquired by ConvergEx in late 2009, NorthPoint's customers also have access to ConvergEx's entire global offering of powerful investment technologies and advanced execution solutions. NorthPoint was recently named a "Top Rated Provider" in Global Custodian's 2010 Prime Broker Survey.

About ConvergEx Group

ConvergEx Group is a leading technology company providing mission-critical proprietary software products and technology-enabled services to asset managers and financial intermediaries globally.  Its products and services span the investment life cycle and are designed to enable customers to achieve improved results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves customers accessing over 100 global markets.  Formed in 2006, the firm has over 1,200 employees in 22 locations throughout the U.S., Europe, Asia, Australia and Africa.

BNY ConvergEx Group, LLC is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), LiquidPoint, LLC (member CBOE/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member FINRA/SIPC); NorthPoint Trading Partners, LLC (member FINRA/SIPC); Eze Castle Software LLC,  RealTick LLC and ConvergEx Research Solutions LLC, of which Jaywalk, Cogent Consulting and LDB are divisions.   Additional information is available at www.convergex.com.

Contact:
Elizabeth Anderson
[email protected]
212.468.7713

SOURCE ConvergEx Group

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