Prime Brokerage

All change in PB world as turmoil sparks shake-up


The extent to which the global financial crisis has triggered a seismic change in the prime brokerage landscape is made clear in the annual EuroHedge survey of prime brokers for European hedge funds.

Goldman Sachs has edged out Morgan Stanley as the leading PB in Europe - as measured at the end of 2008 - while European banks, notably Credit Suisse, have been major beneficiaries of the flight away from US investment banks at the height of the market panic.

The EuroHedge survey shows that the long-established duopoly of Goldman and Morgan has been decisively broken as a result of