CONVERGEX ACQUIRES COMMISSION MANAGEMENT SOLUTIONS PROVIDER COGENT CONSULTING

Posted October 8, 2009

NEW YORK – Investment and execution technologies provider ConvergEx (BNY ConvergEx Group LLC) has announced plans to acquire Summit, N.J.-based software development firm Cogent Consulting LLC, which offers commission management solutions to institutional money managers and broker-dealers.

“This acquisition fulfills an integral part of our strategic vision and commitment to innovative technologies for a rapidly changing financial landscape,” says Joseph M. Velli, Chairman and Chief Executive Officer of ConvergEx. “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.”

The combination of ConvergEx’s commission management services suite with Cogent’s technology is intended to give clients a neutral, anonymous and transparent solution to manage their trading and research commissions. Cogent’s technology will add to the size, scale and scope of ConvergEx’s services.

“As the commission management space evolves, demand is growing for a full-service solution that encompasses every aspect of the commission management process,” says John Meserve, Executive Managing Director, ConvergEx. “Money managers are increasingly looking for an independent platform to simplify and manage their relationships with hundreds of brokers and third-party research providers. 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.”

The deal is expected to close on or before November 2, 2009. Terms of the transaction were not disclosed.

“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,” says Robin Hodgkins, founder and President of Cogent.