Monday, September 14, 2009
New Kids on the Prime-Brokerage Block
Bulge Bracket trading and other services to hedge funds scaled back last year as their clients posted losses or closed. Prime-brokerage businesses, including some just launched in 2009, competing fiercely to attract hedge funds as clients. Some of the newer and lesser-known players: Cantor, FBR Capital Markets, Jefferies, Merlin, Conifer Securities. Merlin plans to announce a partnership with Northern Trust, to allow Merlin clients seamlessly to "custody" (hold in safekeeping) assets at NT. 9/15 WSJ for more.
Posted by Stuart Rosenthal