BNY ConvergEx Group, LLC, a provider of global agency brokerage and investment technology application, announces that its BNY Global Transition Management business achieved record growth in July 2008. This new record further demonstrates the strength of ConvergExs agency model and its ability to bring value-added application to clients in todays changing marketplace.
BNY Global Transition Management experienced growth of more than 50% in the number of transitions executed during the month ending 31 July 2008, and more than doubled the principal amount of the assets transitioned, as compared to the same period last year. As transition activity surged throughout the United States, the United Kingdom, the Middle East, Asia and Europe, significant growth was attained in both the number and type of new clients coming to market, the dollar value of assets transitioned, and the level of complexity of the portfolio compositions.
“This unprecedented growth underscores the global scale of our offerings and ability to provide clients with specialized transition strategies – for even the most complex of portfolios,” says Carey S. Pack, chief executive officer of BNY ConvergEx Execution Solutions.
“Our more than 20 years of experience and transition expertise, combined with our global multi-asset class execution capabilities, helps us to understand the most unique and complicated of transitions,” Kal Bassily, CFA, head of BNY global transition management. “Thriving in this volatile and challenging trading environment reflects our understanding of the risks and our skill in maintaining the correct exposure throughout the transition period, while orchestrating an intricate chain of events to minimize trading and operational costs.”