Convergex Obtains The Trading Partners Of NorthPoint

Convergex Obtains The Trading Partners Of NorthPoint

1st December 2009

ConvergEx, which provides execution technology and investment to the institutional clients, has obtained the trading partners of NorthPoint. With this gain, the company will be able to provide funds access to the smaller as well as medium sized hedges. It will do so by with the introduction of the major broker services via the agreements of clearance and custody of the NorthPoint. It has been expected that this deal will end in the near term. According to one statement published by the ConvergEx, there have been no financial terms cited about this agreement.

A latest report of the TABB group has said that it has been estimated by them that the total amount of the funds which are hedged in the smaller to the mid sized segments is greater than the number of the funds which are hedged in the larger segment. The ratio of these two segments is 25 to 1. It was also cited in the report that such prime brokers who are starting or are boutique firms will gather almost 10% of the new major brokerage setups. NorthPoint is associated with giving such prime services which are of boutique nature and is also famous for the experience, solutions as well as for the industry veterans.