ConvergEx Enhances NorthPoint Platform for Mutual Funds Using Alternative Strategies

NEW YORK, May 3, 2011 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that its NorthPoint prime services and technologies business has enhanced its offering for traditional mutual funds that are looking to employ alternative investments, including trading in shorts, options and futures as part of their overall strategy.  NorthPoint has seen a significant uptick in demand for these kinds of solutions and these latest enhancements are designed to meet the needs of this growing customer segment.

The NorthPoint platform now offers a solution that leverages several ConvergEx platforms, including the Eze OMS™ and RealTick®, to monitor mutual funds' collateral needs and liaise with fund administrators and custody banks to ensure those needs are met in a timely manner. This includes upgrading customers' current execution and reporting infrastructure to accommodate regulatory requirements and operational considerations.

Additionally, NorthPoint will offer mutual fund customers their expertise in navigating and securing the often complex tri-party agreements between the fund, trust banks and clearing firms, so the fund remains compliant with the Investment Company Act of 1940.

"In order to compete with the growing number of hedge funds, mutual fund managers are increasingly looking to offer a variety of investment choices, including offering funds with hedged strategies," said Doug Nelson, chief executive officer of ConvergEx's NorthPoint.  "We are very pleased to offer these services to help our customers employ new strategies and stay ahead of their competition."

NorthPoint is an industry-leading provider of integrated prime technologies. 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 software and technology-enabled services to asset managers and financial intermediaries globally.  Its products and services span the investment life cycle and center on the development, marketing and servicing of technology-based solutions that enable customers to achieve improved investment results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves customers in over 100 global markets.  Formed in 2006, the firm has over 1,200 employees in 22 locations throughout North America, 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.

RealTick is a registered trademark of RealTick LLC.

Contact:
Elizabeth Anderson
[email protected]
212.468.7713

SOURCE ConvergEx Group