ConvergEx Launches Alternative Mutual Funds Division

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.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.