BNY ConvergEx Group last week countered the notion that commission recapture was dying by announcing record new client numbers for its commission recapture business in 2006.
Globally, says the firm, 279 new clients entered into commission recapture programmes with LJR Recapture Services, up from 217 in 2005, a 29% increase, year- over-year.
This number represents a record high for LJR Recapture Services since joining The Bank of New York’s affiliate BNY ConvergEx Group (formerly BNY Securities Group) in 2005.
“On behalf of all commission recapture providers, this is very encouraging news,” says Todd W. Burns, Senior Managing Director and Division Head of LJR Recapture Services. “The continued customer growth in our business reflects ConvergEx’s ongoing commitment to providing the best service and product innovations to our clients. Our record numbers also illustrate that plan sponsor clients continue to realize the value of commission recapture programs.”
LJR Recapture Services was one of the first providers to expand commission recapture to OTC trades. Most recently, LJR Recapture Services became one of the first providers to offer commission recapture to clients using both broker-assisted and electronic trading platforms.