BNY ConvergEx targets smaller players with new offering

BNY ConvergEx, an affiliate of Bank of New York Mellon, has launched a clearing service to help facilitate pension funds' international asset allocations and reduce risks during the process of transferring securities.The service is aimed at funds with assets under management of between $700 and $900 million. Using this service, pension funds investing in commingled funds have the ability to use transition management to make changes in investment strategy and increase the ability to he…