Joseph Schenk Named to Board of Managers of ConvergEx Holdings

New York - 20 March 2008

BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced the recent appointment of Joseph Schenk to the Board of Managers of ConvergEx Holdings, LLC, which is the holding company of BNY ConvergEx Group.

Mr. Schenk recently retired from Jefferies Inc., where he held a number of positions throughout his career, including Chief Financial Officer and Executive Vice President from January 2000 to December 2007 and Senior Vice President, Corporate Services from 1997 through 1999. Previously, he was Chief Financial Officer and Treasurer of Tel-Save Holdings, Inc., now Talk America Holdings,
from January 1996 to September 1997, and also served as a Director at Tel-Save.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, “We are very pleased to have someone of Joe’s caliber join the Board. With his insight and vast financial services experience, Joe will play an important role in helping to position ConvergEx for continued success.”

The Board of Managers of ConvergEx Holdings, LLC, consists of Joseph Velli; Bruce Van Saun, The Bank of New York Mellon; Richard Brueckner, Pershing LLC; Collin Roche, Constantine Mihas and Barry Dunn, all of GTCR Golder Rauner; Sean P. McLaughlin, American Red Cross; John Cahaly, Eze Castle Integration; Joseph Schenk.

BNY ConvergEx Group was formed in October 2006 through the combination of BNY Securities Group and Eze Castle Software. The Bank of New York Mellon Company and GTCR Golder Rauner each holds a 33.8 percent stake in the company, with the balance held by private investors and BNY ConvergEx Group’s management team.

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