Awards for Excellence 2012: Best Prime Broker
As hedge fund assets return to pre-crisis levels, banks are increasing their efforts in prime brokerage. Deutsche Bank is already there.
Best Prime Broker: Deutsche Bank
Also nominated: Goldman Sachs and Barclays
Having a prime brokerage relationship is a lot like being married," says Barry Bausano, head of global prime finance at Deutsche Bank. "It is a very entwined relationship connecting you with the client in reporting, execution, finance, platform – and those interdependent relationships tend to be long lasting."
That made it difficult for Deutsche Bank to nudge into the top two before the financial crisis in 2007/08. The bank was winning clients based on its international presence and deep product range but Goldman Sachs and Morgan Stanley were firmly entrenched at the top. When confidence in Wall Street firms was shaken in the crisis, that dominance was undermined, with clients looking for multiple prime broker relationships to spread their risk. Deutsche Bank won most of that diversifying business and, while competitors were licking their wounds, the German bank committed itself to ensuring that it would retain its enhanced market share even after the markets had settled.
The strategy of a seamless multi-asset class platform and commitment to start-up funds has resulted in the firm receiving Euromoney’s award for best global prime broker.