Prime brokers are stepping up their due diligence of hedge funds, becoming more forensic when looking to bring a hedge fund onto their balance sheet.
Tag: prime brokerage
The co-head of Citi’s Americas prime finance business has left after two years with the US bank.
Credit Suisse has added new technology and reshuffled senior leadership to the algorithmic trading division as it looks to regain market share.
Jes Staley said Barclays has gained roughly $20 billion from Deutsche Bank as it targets growth of prime brokerage business.
Deutsche Bank hopes the transition will close by end of this year, but BNP Paribas has said it will likely be completed in its entirety by summer next year.
The new division is the latest in a string of restructuring moves in recent months as Citi looks to streamline its businesses.
Fillmore Advisors will become part of the recently-established prime brokerage division at INTL FCStone.
Deutsche Bank agreement with BNP Paribas comes as bank plans to exit equities trading and to reduce its workforce by 18,000.
The TRADE looks at how Deutsche Bank, among the top five prime brokers not so long ago, ended up in a situation where the future of its prime brokerage business is in question.
Credit Suisse has seen increased profits from the business following a programme of optimising and rationalising its prime brokerage balance sheet.