As hedge funds began to boom up to 2007, prime brokerage was the business to be in. Wall Street firms were expanding their offerings and there was a surge in small independent prime brokerages establishing themselves to serve the small and medium-sized funds that the large firms viewed as not worth bothering with.
For the majority of firms, that burst of expansion drew to a halt over the financial crisis of September and October 2008 as the number of hedge funds declined and some of those remaining cashed out and sought comfort with custodians.
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