Bank of New York Mellon's BNY ConvergEx Group, a provider of investment and execution technology, will buy NorthPoint Trading Partners, a prime brokerage services boutique, ConvergEx announced Monday.
ConvergEx, based in New York, plans to integrate Atlanta-based NorthPoint’s prime brokerage services, trade analytics and other business lines into its own existing business.
"ConvergEx has well-established execution and technology relationships with many of the world’s large hedge funds and we understand the nuances of what hedge fund managers need to succeed. This acquisition is a natural extension to those relationships and enables us to offer smaller hedge funds wide-ranging services and expertise embedded in the high-touch service model that is so important to them," said Joseph Velli, chairman and chief executive of ConvergEx.
Douglas Nelson, CEO of NorthPoint, and Michael DeJarnette, NorthPoint’s president, will continue in their respective roles at ConvergEx.
Financial terms of the deal, which is expected to close in the near term, have not been disclosed.