INCREASED COMPETITION AMONG banks and the changing strategies of new hedge funds are transforming the prime brokerage business. Banks have piled into prime brokerage over the last few years and new entrants have been particularly keen to establish themselves by catering to the fast growing – though less profitable – segment of non-equity hedge-fund strategies.
This is starting to eat into the Morgan Stanley-Goldman Sachs global duopoly – challenged only in the US by Bear Stearns.
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