Convergex Readies for MiFID II02.16.2017
Convergex Expands Its European Footprint As It Prepares For MiFID II
New York, NY – February 15, 2017 – Convergex, an agency-focused global brokerage and trading related services provider, announced today that it recently hired Robin Strong as Managing Director. Mr. Strong is based out of Convergex’s London-based brokerage and will be responsible for expanding the firm’s broad range of commission management, research payment and outsourcing services to buy and sell-side investment firms on a global basis.
A 25-year financial industry veteran, Mr. Strong’s responsibilities include delivering Westminster Research Associate’s unbundling and MiFID II compliant solutions to its growing European client-base. Prior to joining Convergex, Mr. Strong founded The Investment Data Utility and previously worked at Linedata, where he was responsible for business development and client adoption strategies across the EMEA region. Mr. Strong started his career at Salomon Brothers in London and has also held senior positions at Fidessa, Charles River Development, Citadel Associates and Asset Control.
“Robin is a welcome addition to Convergex’s experienced European sales team as his vast background and financial industry experience complements the firm’s commitment to expanding its global team with the goal of providing more solutions and opportunities to our client-base,” said Philip Gough, CEO of Convergex Limited, Convergex’s London-based brokerage.
Westminster Research Associates is also preparing for reforms outlined in the Markets in Financial Instruments Directive (MiFID II) which are currently expected to go into effect on January 3, 2018. One of the key delegated directives requires firms to manage payments for research through Research Payment Accounts (RPAs) or to pay for the research directly. Westminster is preparing to work with RPA software providers and to offer a complete RPA solution on a global basis. Mr. Strong will also play an integral role as Westminster expands its platform to allow investment managers to physically aggregate CSA credits within an RPA structure and provide compliant payment solutions to over 7,000 different research providers.
“Westminster’s structure provides investment managers with the flexibility to seek best execution through a network of over 250 executing broker-dealers while crediting the research portion of their trade to a centralized account, helping money managers streamline their CSA administration and management,” said Chris Tiscornia, President and CEO of Westminster Research Associates.
Westminster is a FINRA registered broker-dealer specializing in providing investment research and commission management solutions to the institutional investment community. The flexible commission management solution allows investment managers to execute through top-tier institutional execution desks, while consolidating all of the administrative, servicing and reporting functions of their research business with one firm.
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