âWith the completion of this deal, we are able to offer smaller hedge funds the powerful combination of NorthPointâs well-established boutique prime brokerage services with the added benefit of ConvergExâs proprietary technologies, including a 24-hour global agency trading platform, an industry-leading commission management system and enhanced soft dollar services,â said Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. âWe are very pleased to welcome NorthPointâs 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.â
As previously announced, Douglas M. Nelson, chief executive officer of NorthPoint, and Michael L. DeJarnette, NorthPointâs 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.