NEW YORK, April 23, 2014 /PRNewswire/ -- ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced that Westminster Research Associates expects aggregate research payments on behalf of clients to surpass $300 million in 2014. Westminster is continuing to expand its CCA/CSA aggregation business and grow its client base, payments under management and network of executing brokers. In 2013, Westminster grew its research payments by more than 10% year-over-year and increased the number of research firms to which it has directed payment to more than 6,000.
"Westminster's unique multi-broker trading network continues to gain traction following a year in which markets wrestled with low volumes and low volatility," said John Meserve, chief executive officer of Westminster Research Associates and head of the commission management business at ConvergEx Group. "The ability to provide a flexible execution framework in this environment has proven essential in helping fund managers leverage more trading partners to fund their research budgets while centralizing the management of their CCA businesses. As the use of CSAs and CCAs grows, the need to provide a comprehensive service offering has become paramount."
Focused solely on commission management services, ConvergEx's Westminster Research Associates is a single purpose broker-dealer providing an agnostic platform that allows money managers to execute through a network of more than 230 broker-dealers to acquire research from virtually anywhere, while maintaining research anonymity.
About ConvergEx Group
ConvergEx Group is a leading provider of global brokerage and trading-related services for institutional investors and financial intermediaries. ConvergEx combines client-first service with innovative products, sophisticated strategies and proprietary technology to meet the challenges of increasingly dynamic and fast-paced markets. Headquartered in New York with a presence in several other key locations including London, Chicago, San Francisco, Boston and Atlanta, the company serves more than 3,000 clients accessing over 100 global market centers.
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); ConvergEx Prime Services LLC (member FINRA/SIPC); ConvergEx Solutions LLC, of which ConnEx, Jaywalk and LDB are divisions; and ConvergEx Limited in the UK. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. Additional information is available at www.convergex.com.
SOURCE ConvergEx Group