ConvergEx Group, a trading technology and execution services provider, has made its commission management technologies and soft dollar services available to clients of its NorthPoint prime brokerage business.
ConvergEx acquired prime brokerage and fund services firm NorthPoint Trading Partners in November last year. The acquisition was intended to allow ConvergEx to offer small- and medium-sized hedge funds access to boutique prime brokerage services using NorthPoint’s high-touch service model and clearing and custody agreements.
NorthPoint clients will now be able to benefit from ConvergEx’s broker-review, voting and relationship management, commission reporting and reconciliation services.
“Since joining the ConvergEx family, NorthPoint’s clients are beginning to see a tremendous expansion of the technology and investment services that are available to them,” said Douglas M. Nelson, chief executive officer of NorthPoint, in a statement. “By rolling out ConvergEx’s industry-leading commission management technologies to our clients, we are providing immediate access to state-of-the-art commission management reporting and administration as well as enhanced security for their commission balances.”
“Our team of experts has in-depth knowledge of the key issues affecting clients and the tools we provide will simplify and manage their commission workflow from broker vote all the way through third-party payments,” added John Meserve, executive managing director of ConvergEx Group.