NorthPoint Establishes Alternative Mutual Fund Group

Sep 30 2011 | 10:28am ET

Prime broker NorthPoint Trading Partners has an eye on the growing hedge fund-like mutual fund market.

The ConvergEx Group unit has launched a new business serving alternative mutual funds. The new group will work both with mutual fund firms and hedge fund managers interested in launching hedge-like products in mutual fund form.

"Today, alternative mutual funds represent less than 1% of the $12 trillion mutual fund market," NorthPoint CEO Doug Nelson said. "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 percent of the market within the next 10 years."

NorthPoint has named Jay Jacobs head of the new group. Jacobs joins from Merlin Securities.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of