ConvergEx Group Named Transition Manager for Van Eck Global's HOLDRS ETF Exchange

NEW YORK, Dec. 5, 2011 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that it has been named exclusive transition manager in Van Eck Global's exchange of certain Merrill Lynch-sponsored Holding Company Depositary Receipts (HOLDRS) into Market Vectors exchange traded funds (ETFs). These include: Oil Services (OIH), Semiconductor (SMH), Pharmaceutical (PPH), Biotech (BBH), Retail (RTH) and Regional Bank (RKH).

Market Vectors ETF Trust plans to offer investors in the six HOLDRS the opportunity to exchange their shares in these funds for shares of newly created ETFs. As transition manager, ConvergEx will be responsible for rebalancing the portfolio by selling the underlying securities in the HOLDRS and purchasing certain other securities in the open market in order to conform to an ETF structure.  The ETFs are expected to retain the corresponding HOLDRS' ticker symbols and will be part of the family of Market Vectors ETFs.

Commenting on the announcement Thomas Smykowski, head of Global Portfolio and ETF Execution at ConvergEx Group said, "This unique transaction brings together the dual strengths of ConvergEx's leading Transition Management and ETF teams and represents yet another way we are developing creative solutions for the expanding ETF industry."

The rebalance is expected to be completed on or about December 20, 2011, unless the offers are extended.

Both ConvergEx's ETF and Transition Management groups are industry leading. With years of experience in portfolio, basket and block execution, the professionals on ConvergEx's ETF desk are able to help customers achieve their ETF execution goals. As an award-winning transition management provider, its services are used by many of the world's largest asset owners.

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.

ConvergEx Group includes ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC); LiquidPoint, LLC (member CBOE/SIPC); G-Trade Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); ConvergEx Prime Services LLC (member FINRA/SIPC); Eze Castle Software LLC; RealTick LLC; ConvergEx Research Solutions LLC, of which Jaywalk, Cogent Consulting and LDB are divisions; ConvergEx Limited in the UK and Australia; and ConvergEx Asia Pacific Limited in Hong Kong. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC.  Additional information is available at www.convergex.com.

Contact:
Elizabeth Anderson
[email protected] 
212.468.7713

SOURCE ConvergEx Group