Saturday, 4 July 2015
Last updated 16 hours ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…