Following the completion of Convergex’s merger with Cowen Group, CEO Eric Noll will depart the firm, it has been confirmed.
Convergex explained Noll will leave the combined entity but continue to serve the industry in several capacities using his experience in market structure.
“[Noll] is expected to remain in the industry in a new capacity to be announced when appropriate,” Convergex added.
Noll joined Convergex in 2013 and has previously held senior level roles at Nasdaq OMX, overseeing the US and UK equity, options and future exchanges.
Cowen Group confirmed it will acquire Convergex from BNY Mellon for $116 million earlier this year, in a bid to expand its brokerage and trading business.
Once completed, the acquisition will see Cowen Group become one of the largest independent US equities trading platforms reaching 108 countries globally.
Jeffrey Solomon, president of Cowen, explained the combination of Convergex’s global execution and Cowen’s research and finance advisory services “will enable us to continue helping our clients to outperform in challenging markets.”
Convergex currently offers brokerage and trading services, including equity sales and electronic trading, commission management, prime services and global clearing, to around 2,500 hedge funds, asset managers, broker-dealers and exchanges.