Convergex enjoys the fruits of its labours
18 January 2017 New York
Image: Shutterstock
US broker Convergex attracted more than $1 billion in new assets for its prime brokerage business in 2016.
The new business, which came from both US and EU markets, was attributed to improvements to its product offerings, including expanding its futures execution and clearing services, and adding fully paid lending capabilities.
The broker also brought new products to market in 2016, including a ‘stealth’ small cap algorithm to maximise liquidity in traditionally illiquid stocks, which launched in June.
According to Convergex, the algorithm rests completely hidden in more than 15 alternative trading systems and is able to exit the market when it ‘senses’ that it is signalling its presence.
The algorithm then returns to the market when it determines that it is advisable to re-engage.
Doug Nelson, executive managing director and head of global clearing and prime services at Convergex, commented: “Convergex has been seeing a steady increase in the number of European-based hedge funds looking for US prime brokers as they have found the full scope of our product offerings to be a safer and more cost-effective alternative.”
"Convergex is focused on expanding its European presence through its global offerings and by providing a superior level of customer service in both the US and abroad."
The new business, which came from both US and EU markets, was attributed to improvements to its product offerings, including expanding its futures execution and clearing services, and adding fully paid lending capabilities.
The broker also brought new products to market in 2016, including a ‘stealth’ small cap algorithm to maximise liquidity in traditionally illiquid stocks, which launched in June.
According to Convergex, the algorithm rests completely hidden in more than 15 alternative trading systems and is able to exit the market when it ‘senses’ that it is signalling its presence.
The algorithm then returns to the market when it determines that it is advisable to re-engage.
Doug Nelson, executive managing director and head of global clearing and prime services at Convergex, commented: “Convergex has been seeing a steady increase in the number of European-based hedge funds looking for US prime brokers as they have found the full scope of our product offerings to be a safer and more cost-effective alternative.”
"Convergex is focused on expanding its European presence through its global offerings and by providing a superior level of customer service in both the US and abroad."
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
