Wednesday, 22 March 2017
Last updated 8 min ago
Sep 29 2011 | 7:50am ET
NorthPoint, the prime services business of the ConvergEx Group, has launched a new division dedicated to hedge fund-like mutual funds.
The new Alternative Mutual Fund Services division will provide managers of traditional mutual funds and hedge funds with the tools they need to raise assets, optimize performance and manage funds in compliance with 1940 act regulations.
The company has tapped industry vet and former Merlin Securities partner Jay Jacobs to lead the new division.
“Today, alternative mutual funds represent less than 1% of the $12 trillion mutual fund market. Since we began offering select services to launch alternative mutual funds back in May, we have seen a significant uptick in demand. We believe that trend will continue and our expectation is that alternative mutual funds will reach over 5% of the market within the next 10 years,” said Doug Nelson, chief executive officer of ConvergEx’s NorthPoint.
“We are thrilled that Jay has come on board to run this new business. He has first‐hand experience in every aspect of managing and operating alternative mutual funds, from creating a fund to fund distribution—all of which can be tremendously helpful in helping funds raise assets. No one in the industry is better suited for the job and our customers will benefit greatly from his years of experience.”
NorthPoint offers a full suite of technology‐based solutions including prime custody, execution solutions, analytics and reporting, capital introduction, research, commission management and start‐up services. NorthPoint was acquired by ConvergEx in late 2009.