ConvergEx Acquires NorthPoint Trading PartnersConvergEx, a provider of investment and execution technology solutions to institutional clients worldwide, has completed its acquisition of NorthPoint Trading Partners, LLC. ConvergEx now offers small and medium sized hedge funds access to a full range of top-tier boutique prime brokerage services through NorthPoints high-touch service model and established clearing and custody agreements.
With the completion of this deal, we are able to offer smaller hedge funds the powerful combination of NorthPoints well-established boutique prime brokerage services with the added benefit of ConvergExs proprietary technologies, including a 24-hour global agency trading platform, an industry-leading commission management system and enhanced soft dollar services, says Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. We are very pleased to welcome NorthPoints 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, chief executive officer of NorthPoint, and Michael L. DeJarnette, NorthPoints president, will continue in their respective roles at ConvergEx. NorthPoint will continue to be based out of Atlanta, Georgia, and all of its clearing and custody arrangements, products, partnerships and projects will continue uninterrupted.
Financial terms of the acquisition were not disclosed.
D.C.