Deutsche Bank has opened two prime brokerage desks in Singapore to serve the city’s hedge fund industry, according to an article in the FT today.
The capital introduction desk will give advice to hedge funds, while the prime finance desk will provide prime brokerage and alternative financing for institutional investors, says the report.
There were 190 hedge funds in Singapore at the end of 2006 managing $40 billion of assets, according to Monetary Authority of Singapore data, an increase of 76 per cent over the number of funds in 2005.
This news follows similar announcements made recently by Citi, Morgan Stanley and Merrill Lynch, all of which have set up or expanded prime brokerage operations in Singapore.