NEW YORK, May 24, 2011 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that it has expanded its relationship with alternative investment firm IndexIQ. IndexIQ is now live on ConvergEx's award-winning order management system, the Eze OMS, and ConvergEx has also signed an agreement to be an authorized participant for IndexIQ's suite of exchange traded funds (ETFs).
Based in Rye Brook, New York, IndexIQ is a leading developer of index-based liquid alternative investment solutions that combine the benefits of traditional index investing with the risk-adjusted return potential sought by active managers.
As a client of the Eze OMS, IndexIQ leverages Eze's extensive portfolio management and modeling capabilities to rebalance ETFs against Standard & Poor's market indices on a daily basis and against internally generated indices on a monthly basis. IndexIQ also uses the Eze OMS to manage real-time cash inflows and redemptions.
"The Eze OMS's flexible architecture allowed us to configure our system to IndexIQ's specific needs from modeling to order execution," said Michael Maguire, managing director of Global Consulting for ConvergEx's Eze Castle Software. "We were able to streamline IndexIQ's workflows with automated modeling schemes, collaborative session management tools, and real-time views for P&L and exposure to monitor firm-wide trading activity."
Additionally, with a recently signed authorized participant agreement, ConvergEx's ETF trading desk can now offer IndexIQ's clients efficient pricing of their ETF products on a net asset value basis. "Utilizing our proprietary ETF pricing model and dedicated ETF trading professionals, ConvergEx will be able to provide liquidity and cost transparency for Index IQ's next generation alternative ETFs," said Thomas Smykowski, managing director and head of ConvergEx's Global Portfolio and ETF Desk.
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
SOURCE ConvergEx Group