Prime brokers scrap for business in much tougher market
Mon May 21, 2012
Credit Suisse closes the gap by assets on Goldman Sachs and Morgan Stanley, while Deutsche Bank – again the biggest player in Hong Kong and China – and UBS are also now close by mandates as the top five firms fight for market share in a shrinking Asian hedge fund world
Goldman Sachs and Morgan Stanley remain the top two prime
brokers in Asia, according to our latest survey of market share
among prime brokers in the region. But their lead over the
field both by mandates and by assets - which used to be very
substantial on both counts prior to the global financial crisis
in 2008 - has now almost completely disappeared.
Among the top five firms the biggest mover in the past year
has been Credit Suisse, which has now effectively squeezed the
gap by assets on Morgan Stanley in second place to almost
nothing, leaving it very close to touching distance of Goldman
Sachs at the top as well. And by mandates, the top five firms -
also including Deutsche Bank and UBS in third and fourth places
- are all now very closely matched, with Deutsche also gaining
further market share during the past year.
In an overall Asian hedge...
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