ConvergEx Acquires NorthPoint Trading Partners
ConvergEx, a provider of investment and execution technology solutions to institutional clients, announced that it has completed its acquisition of NorthPoint Trading Partners.
ConvergEx will now offer small and medium sized hedge funds access to a full range of boutique prime brokerage services through NorthPoint’s high‐touch service model and established clearing and custody agreements, according to a release.
“With the completion of this deal, we are able to offer smaller hedge funds the powerful combination of NorthPoint’s well‐established boutique prime brokerage services with the added benefit of ConvergEx’s proprietary technologies, including a 24‐hour global agency trading platform, an industry‐leading commission management system and enhanced soft dollar services,” said Joseph M. Velli, chairman and CEO of ConvergEx Group.
“We are very pleased to welcome NorthPoint’s employees to our firm. Their expertise uniquely positions us to win new business in this burgeoning and important client segment and offer valuable and differentiated services.”
As previously announced, Douglas M. Nelson, CEO of NorthPoint, and Michael L. DeJarnette, NorthPoint’s president, will continue in their respective roles at ConvergEx.
NorthPoint will continue to be based out of Atlanta, Georgia, and all its clearing and custody arrangements, products, partnerships and projects will continue uninterrupted. Financial terms of the acquisition were not disclosed.
Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio