Revenues at NorthPoint Trading Partners, the prime brokerage business acquired a year ago by ConvergEx Group, were up in 2010 by more than 50%, while clients’ AUM grew by nearly 25% over the previous year, the group has released.
“These results are a testament to the powerful combination that was formed when ConvergEx and NorthPoint teamed up,” says Douglas Nelson, CEO of NorthPoint Trading Partners. “Very shortly after the acquisition, we were able to give our clients access to ConvergEx’s broad range of proprietary technologies, making NorthPoint’s offering the most comprehensive in the prime services industry.”
Michael DeJarnette, president of NorthPoint Trading Partners, adds: “Throughout this rapid growth, we have remained committed to maintaining the highest level of customer service and have increased our staff to keep pace. This means our clients get the advantage of working with one team, while having access to technologies that offer a substantial edge.”
NorthPoint’s full suite of technology-based solutions include prime custody, execution solutions, analytics and reporting, capital introduction, research, commission management and start-up services. NorthPoint was rated in Global Custodian’s latest prime brokerage survey.