ConvergEx acquires NorthPoint prime brokerage business

Technology provider ConvergEx is to acquire prime brokers NorthPoint Trading Partners.

The acquisition will enable ConvergEx to offer smaller hedge funds access to a full range of boutique prime brokerage services through NorthPoint's clearing and custody agreements.

NorthPoint will continue to be based out of Atlanta, Georgia. All of its clearing and custody arrangements, products, partnerships and projects will also continue to be supplied.

Clients will be able to access additional ConvergEx services including a 24-hour global agency trading platform and enhanced soft dollar services.

NorthPoint chief executive officer Douglas Nelson and president Michael DeJarnette will continue in their respective roles at ConvergEx.

The deal is expected to close relatively soon. Financial terms of the agreement were not disclosed.