ConvergEx Group’s NorthPoint prime services and technologies business has enhanced its offering for traditional mutual funds that are looking to employ alternative investments, including trading in shorts, options and futures as part of their overall strategy.
NorthPoint has seen a significant uptick in demand for these kinds of solutions and these latest enhancements are designed to meet the needs of this growing customer segment.
The NorthPoint platform now offers a solution that leverages several ConvergEx platforms, including the Eze OMS and RealTick, to monitor mutual funds’ collateral needs and liaise with fund administrators and custody banks to ensure those needs are met in a timely manner. This includes upgrading customers’ current execution and reporting infrastructure to accommodate regulatory requirements and operational considerations.
Additionally, NorthPoint will offer mutual fund customers their expertise in navigating and securing the often complex tri-party agreements between the fund, trust banks and clearing firms, so the fund remains compliant with the Investment Company Act of 1940.
"In order to compete with the growing number of hedge funds, mutual fund managers are increasingly looking to offer a variety of investment choices, including offering funds with hedged strategies," says Doug Nelson, chief executive officer of ConvergEx’s NorthPoint. "We are very pleased to offer these services to help our customers employ new strategies and stay ahead of their competition."
NorthPoint is an industry-leading provider of integrated prime technologies. 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.
