Convergex has hired industry veteran, Robin Strong, to expand the firm’s European commission management, research payment and outsourcing services to the buy-side ahead of MiFID II.
Strong has 25 years experience in financial services and has previously worked at Salomon Brothers, Fidessa, Charles River Development and most recently, Linedata.
He will be responsible for delivering Convergex Group’s Westminster Research Associate unbundling and MiFID II tools to the firm’s European client base.
Philip Gough, chief executive officer of Convergex, said Strong’s vast experience and background “complements the firm’s commitment to expanding its global team with a goal of providing more solutions and opportunity to our client base.”
One of the key delegated directives requires firms to manage payments for research through research payment accounts (RPAs) or to pay for the research directly.
Westminster Research Associates is preparing for those changes by developing RPA software and expanding its platform to allow investment managers to aggregate commission sharing agreements with an RPA structure.
Chris Tiscornia, chief executive officer of Westminster Research Associates, said the firm’s structure “provides investment managers with the flexibility to seek best execution through a network of over 250 executing broker-dealers.”
Despite less than a year until the implementation of MiFID II’s research unbundling rules, a recent study has suggested many buy-side firms are still not entirely sure of their obligations.
Electronic Research Interchange polled almost 100 buy-side, sell-side, analysts and wealth management professionals and found over a third of buy-side respondents stated they are not confident of being ready for implementing the unbundling rules.