The Bank of New York Company, Inc. has joined forces with Eze Castle Software, LLC and GTCR Golder Rauner, LLC, a private equity firm, to form the BNY ConvergEx Group. The new company brings together the Bank’s trade execution, commission management, independent research and transition management businesses with Eze Castle Software, a provider of trade order management and related investment technologies.
“BNY ConvergEx Group will be an entrepreneurial organisation that harnesses the powerful and complementary offerings from our organisation and Eze Castle Software to win and grow in a rapidly changing marketplace,” says Thomas A. Renyi, the chairman and CEO of The Bank of New York Company. “BNY ConvergEx Group strengthens our product offering immediately and will enjoy an efficient and flexible capital structure to support its future growth.”
“Today marks the creation of a new, independent and nimble organisation that ranks as one of the leading global agency brokerage and technology companies, offering a complete spectrum of pre-trade, trade, and post-trade solutions for traditional money managers, hedge funds, broker-dealers, corporations and plan sponsors,” adds Joseph M. Velli, chairman and CEO of BNY ConvergEx Group. “We will move quickly to enhance and expand our product and service offerings, leveraging our collective experience and market leadership to anticipate our clients’ needs and create sustainable growth for our organisation.”
In addition to Eze Castle Software, the Bank businesses that are now part of BNY ConvergEx Group are: BNY Brokerage, including BNY Global Transition Management, Lynch, Jones & Ryan, G-Port, Westminster Research, and BNY Jaywalk. Each of these businesses will retain its respective brand name.
The Bank of New York’s B-Trade and G-Trade businesses are expected to become part of BNY ConvergEx Group in 2008, although in the interim they will continue to be owned by The Bank of New York.