NorthPoint, ConvergEx Groups prime services business, has launched a new division dedicated to the formation, performance and management of alternative mutual funds.
The new Alternative Mutual Fund Services division will work with traditional mutual funds and hedge funds that are interested in launching alternative mutual funds.
Jay Jacobs has been hired to lead this new division. An industry veteran with almost 30 years of experience, Jacobs was most recently a partner at Merlin Securities.
“Today, alternative mutual funds represent less than 1% of the $12 trillion mutual fund market. Since we began offering select services to launch alternative mutual funds back in May, we have seen a significant uptick in demand. We believe that trend will continue, and our expectation is that alternative mutual funds will reach over 5% of the market within the next ten years,” says Doug Nelson, CEO of NorthPoint. “We are thrilled that Jay has come on board to run this new business. He has firsthand experience in every aspect of managing and operating alternative mutual funds, from creating a fund to fund distributionall of which can be tremendously helpful in helping funds raise assets.
(CM)