BNY ConvergEx, a Bank of New York institutional agency brokerage affiliate, has replaced the head of its recapture division as the company expands following its acquisition of LiquidPoint, a broker-dealer specialising in technology for listed options and equities.

Fred Bailey replaced Todd Burns as the head of Lynch, Jones & Ryan, a Bank of New York subsidiary that was incorporated into BNY ConvergEx when the brokerage was formed last year. Burns retired this week.