ConvergEx Recaptures $750 Million in Commissions for Clients

NEW YORK, April 29 /PRNewswire/ -- ConvergEx Group, a leading provider of investment technologies and execution solutions to institutional clients worldwide, today announced that its Recapture Services business recently reached a significant milestone, recapturing more than $750 million in commissions for clients. The savings was passed on to a wide range of clients, including major public, corporate and Taft Hartley funds, as well as endowments, foundations and financial institutions.

Commission recapture is a widely used program that enables plan sponsors and financial institutions to significantly reduce their execution costs by returning or recapturing back to the fund a large portion of the commissions generated.

"Recapturing over three quarters of a billion dollars for our clients represents real and substantial savings for funds at a time when all plans are looking to reduce costs and bolster returns," said Frederick J. Bailey, global head of Plan Sponsor Sales at ConvergEx.  "This achievement is a demonstration of our highly effective services.  Whether it be through our commission recapture program or other offerings such as our global transition management capabilities, we remain committed to providing services that allow pension and investment organizations to control costs and manage risk."

The savings were generated from the beginning 1999 through the end of 2009.

ConvergEx also announced today that Sonya Cronin has joined as a vice president with the firm's recapture services team.  Mrs. Cronin, a graduate of Georgetown University, was previously with Goldman Sachs in the capital markets division.

ConvergEx is a leading financial technology company that provides investment technologies and execution solutions in over 100 global markets.  The combination of its sophisticated proprietary technologies and vast global markets expertise enables the firm to present a unique offering in an evolving, competitive marketplace.  Its 6,000 institutional clients include many of the world's most prominent asset managers, hedge funds, corporations, plan sponsors, broker-dealers and financial intermediaries. Formed in 2006, the firm has over 1,000 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, and ConvergEx Research Solutions LLC, of which Jaywalk and Cogent Consulting are divisions.  Additional information is available at www.convergex.com.

SOURCE ConvergEx Group

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