Agency broker ConvergEx has retained James Elkins, a founder of transaction cost analysis (TCA) firm Elkins/McSherry, as a consultant to its plan sponsor business. Elkins will advise ConvergEx on how customised transition management strategies can be used to reduce the costs associated with portfolio restructuring.
“Jim is an industry legend whose expertise in global equity, derivative and fixed-income trading costs is second to none,” said Frederick J. Bailey, managing director and global head of plan sponsor sales at ConvergEx, in a statement. “We are confident that his many years of experience and deep knowledge of the markets will prove to be an enormous benefit to ConvergEx and our clients.”
Before retiring in 2004, Elkins was president of Elkins/McSherry which specialised in providing global equity trading cost studies to pension funds, investment managers, banks, brokers and global stock exchanges. He was also a member of the Elkins/McSherry board of directors after the company sold a majority stake to State Street Corporation in 1999. During the period from 1999 to 2004, Elkins launched the New York branch office of State Street Brokerage Services.
Before co-founding Elkins McSherry, he spent ten years as a floor partner on the New York and American stock exchanges. He also helped to establish the upstairs institutional trading desk at agency broker and trade analytics firm Abel Noser Corporation, where he managed all trading.