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Prime Broker Rankings

Prime Broker Rankings

Financial Crisis Shakes Up Prime Broker Rankings


The financial crisis has shaken up the prime brokerage houses on Wall Street.  Prime brokers are also fighting for hedge fund clients, hoping to get a piece of the reviving industry.  In the crisis, hedge funds moved away from Morgan Stanley and Goldman Sachs and put their money with seemingly more stable brokers, Credit Suisse (CSGN.VX), Deutsche Bank (DBKGn.DE) and JPMorgan Chase & Co.
Goldman and Morgan Stanley quickly righted this year as markets snapped back, yet the second-tier players have no intention of giving up their newly won premier status, according to a series of interviews with Wall Street's top prime brokerage executives.

"You had an industry that changed at a glacial pace for 20 years go through two years of rapid change," said Barry Bausano, a Deutsche Bank co-head of global prime finance. "Over the past few months, the cement has set."

Behind every hedge fund is at least one prime broker, which lends cash and securities as well as provides custody and other services. It is a high-margin business, one that will generate an estimated $8 billion this year and $10 billion next year, according to the research firm Tabb Group.  Source

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