Through the looking glass
Wed Apr 30, 2008
After years of rampant liquidity, the financial landscape has changed into a surreal world. Financial institutions can no longer lend at terms of the past, and hedge funds are likewise deleveraging. They are also looking to increase their number of prime brokers to protect themselves.
Prime brokerage faces a new reality, as hedge
funds no longer have the upper hand. But, then, neither do
By Josh Friedlander
The financial drama of the past year has turned Wall Street
upside down. In few places is this more evident than within the
once-heady world of hedge fund financing. That's good news for
Barry Bausano, who co-heads global prime finance at Deutsche
Bank, the German financial institution that has spent eight
years muscling its way into this lucrative business. These
days, Bausano can sit back as the phone calls come in from
worried hedge funds that now think they should add a global
bank, particularly one that has largely escaped the credit
crisis, to their stable of one or more U.S.-based
"Our AA credit rating and large balance sheet, combined with
our product breath and geographic footprint, have made us a
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