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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...