As prime brokers pull the plug on big and small clients, is there any way back to the good old days for hedge funds?
It was fun for a while – watching investment banks bow to hedge funds, offering them ever more generous terms in order to win their business and clambering over each other to try to please the new financial institutions that looked set to take over the world and steal investment banking business as well as investment banking talent.
But the power struggle of the past few years has ended abruptly, and the banks have emerged as the winners.
An...
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