BNY ConvergEx Group reports commission recapture record high in 2006
BNY ConvergEx Group, a provider of agency brokerage and investment technology solutions, yesterday announced record new client numbers for its commission recapture business in 2006. Globally, 279 new clients entered into commission recapture programs with LJR Recapture Services, up from 217 in 2005, a 29% increase year-on-year. This number represents a record high for LJR Recapture Services since joining The Bank of New York’s affiliate BNY ConvergEx Group (formerly BNY Securities Group) in 2005.
"On behalf of all commission recapture providers, this is very encouraging news," says Todd W. Burns, senior managing director and division head of LJR Recapture Services. "Our record numbers illustrate that plan sponsor clients continue to realise the value of commission recapture programs," he adds. LJR Recapture Services is also providing recapture services overseas and expanding commission recapture to OTC trades. Most recently, LJR Recapture Services became one of the first providers to offer commission recapture to clients using both broker-assisted and electronic trading platforms, according to the firm.