Buy-side technology provider ConvergEx Group is expanding its recently acquired prime brokerage services business, NorthPoint Trading Partners, with four new hires.
Michael McLoughlin and Jay Mercier have been signed to NorthPoint's electronic execution group, and Raoul Scott and Erik Fuchs have joined NorthPoint's client serving team. All four men are based in the US.
McLoughlin joins the firm from Prudential Equity Group, a subsidiary of investment bank Prudential Financial; Mercier from portfolio management service provider YieldQuest Advisors; Scott from ConvergEx's Eze Castle Software, and Fuchs from Bank of America Merrill Lynch.
ConvergEx acquired NorthPoint, which specialises in providing prime brokerage services to hedge funds, family offices, mutual funds and registered investment advisors, on 1 December 2009.
The acquisition has enabled ConvergEx to offer small- and medium-sized hedge funds access to boutique prime brokerage services using NorthPoint's service model and clearing and custody agreements. NorthPoint's prime brokerage clients have had the ConvergEx range of commission management systems available to them since 25 February 2010.