ConvergEx Prime Services Introduces New Solution for Managing Liquid Alternatives

NEW YORK, Nov. 4, 2014 /PRNewswire/ -- ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced a new service to help hedge funds and mutual fund companies manage liquid alternatives. Liquid alternatives are investment products that feature an alternative strategy that has been packaged into a mutual fund, ETF or other exchange-traded product.

Developed in cooperation with Portfolioshop Inc., a software development and data management firm based in New York, this new service provides daily reconciliation of complex data between the three parties that are required to support liquid alternatives: the trust bank, the prime broker and the fund administrator. This reconciliation helps to ensure greater accuracy and reliability of daily reports that can range from VAR analysis and stress tests, to details on performance attribution and analysis. 

"Reconciliation between multiple custodians and administrators can be a big expense for any firm, especially for 40 Act registered funds that are required to use certain types of custodians. Our new service significantly simplifies this process, saving our clients time and money, and reducing staffing needs," said Douglas M. Nelson, ConvergEx Group executive managing director. "We are excited to be offering our clients innovative new tools for the burgeoning liquid alternatives market."

ConvergEx Prime Services is an industry‐leading provider of integrated prime services to hedge funds, family offices, mutual funds and Registered Investment Advisors. It offers advanced technology, global execution and reporting tools provided by multiple prime custody options through Goldman Sachs Execution and Clearing, L.P., J.P. Morgan Clearing Corp and Pershing LLC. Its customers are exposed to a broad base of long‐standing customer relationships with an experienced team providing high quality service and unique advantages in the marketplace.

About ConvergEx Group
ConvergEx Group is a leading provider of global brokerage and trading-related services. Its companies provide products and services in the following areas: global execution and clearing, commission management, independent research, commission recapture, options technologies, prime services and outsourced connectivity. ConvergEx Group companies do not engage in market making or investment banking, but may operate in a riskless principal and/or net trading capacity as well as in an agency capacity. In connection with certain ETF transactions requested by clients, ConvergEx Execution Solutions may act as a principal or engage in hedging strategies in connection with such transactions.

In the U.S., ConvergEx Group is comprised of ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), of which ConvergEx Prime Services is a division; LiquidPoint, LLC (member CBOE/SIPC); G-Trade Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); ConvergEx Depositary, Inc., and ConvergEx Solutions LLC, of which ConnEx, Jaywalk and LDB are divisions. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. Additional information is available at www.convergex.com.

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SOURCE ConvergEx Group

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