ConvergEx Completes Acquisition of NorthPoint Trading Partners

2 December 2009

ConvergEx, a leading provider of investment and execution technology solutions to institutional clients worldwide, today announced that it has completed its acquisition of NorthPoint Trading Partners, LLC. ConvergEx now offers small and medium sized hedge funds access to a full range of top-tier boutique prime brokerage services through NorthPoint’s high-touch service model and established clearing and custody agreements.

“With the completion of this deal, we are able to offer smaller hedge funds the powerful combination of NorthPoint’s well-established boutique prime brokerage services with the added benefit of ConvergEx’s proprietary technologies, including a 24-hour global agency trading platform, an industry-leading commission management system and enhanced soft dollar services,” said Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. “We are very pleased to welcome NorthPoint’s employees to our firm. Their expertise uniquely positions us to win new business in this burgeoning and important client segment and offer valuable and differentiated services.”

As previously announced, Douglas M. Nelson, chief executive officer of NorthPoint, and Michael L. DeJarnette, NorthPoint’s president, will continue in their respective roles at ConvergEx. NorthPoint will continue to be based out of Atlanta, Georgia, and all of its clearing and custody arrangements, products, partnerships and projects will continue uninterrupted.

Financial terms of the acquisition were not disclosed.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development