BNY ConvergEx Group has entered into an agreement to acquire NorthPoint Trading Partners, a provider of prime brokerage services to hedge funds, family offices, mutual funds and registered investment advisors. BNY ConvergEx is owned by GTCR Golder Rauner and Bank of New York Mellon. November has been a busy month for the company with one completed acquisition (Cogent Consulting) and another announced (Nyfix's U.S. Transaction Services Business).
Private equity firms have invested in 49 non-bank financial services companies since the beginning of 2009, according to the PitchBook Platform. The most active sub-sector has been specialized finance companies, with deals like Ironwood Capital's growth investment in Alarm Capital Alliance. The second most active was asset management, representing deals such as Pacific Century Group Ventures' LBO of PineBridge Investments. Parthenon Capital has been the most active GP in this space with seven investments YTD, followed by Lightyear Capital and Stockwell Capital, each with three. Interestingly deal activity has lulled in the second half of 2009 with only 14 deals completed and another 8 announced.