New York-based ConvergEx Group's NorthPoint prime services and technologies business has enhanced the functionality of its mutual fund offering, allowing mutual funds to employ alternative investment strategies including shorts, options and futures.
The NorthPoint platform now features a number of ConvergEx-owned platforms, including the Eze OMS from its Boston-based Eze Castle Software subsidiary, and RealTick, a multi-broker, cross-asset electronic execution platform which it acquired in late 2010 from Barclays Bank.
The enhancements are designed to allow mutual funds to monitor their collateral needs and liaise with fund administrators and custodians 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.
NorthPoint will offer mutual fund clients help in navigating and securing tri-party agreements between funds, trust banks and clearing firms, ensuring the fund remains compliant with the Investment Company Act of 1940.
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