Convergex, a provider of investment and execution technologies to institutional clients, has signed a definitive agreement to acquire the assets of Cogent Consulting.
Cogent is a software development firm specialising in advanced commission management solutions for institutional money managers and broker-dealers.
The deal is expected to close on or before 2 November 2009. Terms of the transaction were not disclosed.
The addition of Cogent’s technologies adds to Convergex’s suite of commission management services and gives clients a neutral, anonymous and transparent solution to manage their trading and research commissions.
“This acquisition fulfills an integral part of our strategic vision and commitment to innovative technologies for a rapidly changing financial landscape,” says Convergex chairman and chief executive officer Joseph M. Velli (pictured). “Providing the highest level of service, supported by technological expertise, is our core strength and adding Cogent’s unmatched platform and industry experts was a natural fit.”
“As the commission management space evolves, demand is growing for a full-service solution that encompasses every aspect of the commission management process. Money managers are increasingly looking for an independent platform to simplify and manage their relationships with hundreds of brokers and third party research providers,” says John Meserve, executive managing director of Convergex. “Convergex now offers the preeminent end-to-end commission management solution, which provides our clients with a best practices and compliant approach to managing their commissions.”
The Cogent business is led by founder Robin Hodgkins, who has worked in software development for more than 30 years. Hodgkins will continue in his role as president of Cogent and will report to Meserve.
