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Best Prime broker: Goldman Sachs |
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Also shortlisted: Citi and Deutsche Bank |
Until the credit crisis, Goldman Sachs was consistently in the top-two prime brokers that hedge funds used. When the crisis hit, however, funds looked to spread their counterparty credit risk by moving to four to five prime brokers, opening up the competitive landscape. Several years on, though, those prime brokers that invested to pick up the shared wallet have withdrawn, finding the costs too high and pressure on revenues too tough.
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