Trading technology provider ConvergEx Group has upgraded its NorthPoint prime brokerage and technology business to assist long-only funds, by adding functionality from several ConvergEx systems, including the Eze order management system and RealTick, its execution management system.
Acquired by ConvergEx in Q4 2009, NorthPoint offers technology based solutions for prime custody, execution solutions, analytics and reporting, capital introduction, research, commission management and start-up services.
The changes will enable the NorthPoint platform to better monitor mutual funds' collateral needs, keep on top of hedging requirements and liaise with fund administrators and custody. NorthPoint will now be able to upgrade customers' existing execution and reporting infrastructure to accommodate regulatory requirements, and assist them in navigate complex tri-party agreements between fund, trust banks and clearing firms.
“In order to compete with the growing number of hedge funds, mutual fund managers and increasingly looking to offer a variety of investment choices, including offering funds with hedged strategies,” said Doug Nelson, CEO of ConvergEx's NorthPoint. “We are pleased to offer these services to help our customers employ new strategies and stay ahead of their competition.”