NEW YORK, Oct. 8 /PRNewswire/ -- ConvergEx, a leading provider of investment and execution technologies to institutional clients worldwide, today announced that it has signed a definitive agreement to acquire the assets of Cogent Consulting LLC, the industry's leading software development firm specializing in advanced commission management solutions for institutional money managers and broker-dealers. The deal is expected to close on or before November 2, 2009. Terms of the transaction were not disclosed.
The addition of Cogent's powerful technologies adds to the size, scale and scope of 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," said ConvergEx Chairman and Chief Executive Officer Joseph M. Velli. "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," said 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."
Based in Summit, NJ, the Cogent business is led by founder Robin Hodgkins, who has worked in software development for more than 30 years. Mr. Hodgkins will continue in his role as president of Cogent and will report to Mr. Meserve.
"We are very excited to be joining the ConvergEx team," said Mr. Hodgkins. "Together, we believe our technologies will set the standard for commission management solutions, from broker vote to allocation and reporting of commission spend and finally to payments."
About ConvergEx
BNY ConvergEx Group, LLC provides investment and execution technology solutions to institutional clients worldwide. The Company provides a full array of leading technologies and an integrated platform of performance-driven, global trading capabilities. BNY ConvergEx Group is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), LiquidPoint, LLC (member CBOE/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member FINRA/SIPC); BNY Jaywalk LLC; ConvergEx Global Markets Ltd. and Eze Castle Software LLC. Additional information is available at www.bnyconvergex.com.
Contact: Elizabeth Anderson
EAnderson@bnyconvergex.com
212.468.7713
SOURCE ConvergEx
