New York (HedgeCo.net) -ConvergEx Group, a leading technology company, announced that NorthPoint, its prime services business, has launched a new division dedicated to the formation, performance and management of alternative mutual funds.
The new Alternative Mutual Fund Services division will work with traditional mutual funds and hedge funds that are interested in launching alternative mutual funds.
Jay Jacobs has been hired to lead this new division. An industry veteran with almost 30 years of experience, Mr. Jacobs was most recently a partner at Merlin Securities.
“Today, alternative mutual funds represent less than 1 percent 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 percent 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.”
ConvergEx’s NorthPoint is an industry-leading provider of integrated prime services. Its full suite of technology-based solutions include prime custody, execution solutions, analytics and reporting, capital introduction, research, commission management and start-up services. Since being acquired by ConvergEx in late 2009, NorthPoint’s customers also have access to ConvergEx’s entire global offering of powerful investment technologies and advanced execution solutions. NorthPoint was recently named a “Top Rated Provider” in Global Custodian’s 2010 Prime Broker Survey.
Editing by Alex Akesson
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