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November 30, 2009

ConvergEx Completes Acquisition Of NorthPoint Trading Partners

To offer small and medium sized hedge funds access to boutique prime brokerage services through NorthPoint's high-touch service model

By CBR Staff Writer

ConvergEx, a global provider of investment and execution technology solutions to institutional clients, has completed the acquisition of NorthPoint Trading Partners.

Following the acquisition, ConvergEx now offers small and medium sized hedge funds access to a full range of top-tier boutique prime brokerage services through NorthPoint’s high-touch service model and, clearing and custody agreements.

As previously announced, Douglas Nelson, CEO of NorthPoint and Michael DeJarnette, president of NorthPoint will continue in their respective roles at ConvergEx. Moreover, NorthPoint will continue to be based out of Atlanta, Georgia and all of its clearing and custody arrangements, products, partnerships and projects will continue uninterrupted.

Joseph Velli, chairman and CEO of ConvergEx Group, said: With the completion of this deal, we are able to offer smaller hedge funds the powerful combination of NorthPoint’s well-established boutique prime brokerage services with the added benefit of ConvergEx’s proprietary technologies, including a 24-hour global agency trading platform, an industry-leading commission management system and enhanced soft dollar services.

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