As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 4 hours ago
Feb 23 2007 | 12:01pm ET
Call it a moral victory: UBS was the prime-broking pick of the biggest new hedge funds in Europe last year, as the Swiss bank hopes to establish itself in the space.
UBS last year added as prime brokerage clients 48 new European funds managing $8.3 billion, according the EuroHedge magazine. But it still only controls 4% of the European prime brokerage market, will its New York-based rivals, Goldman Sachs and Morgan Stanley, control a combined 42%. Still, the longest journey starts with single step, and UBS edge its foes’ new-fund totals in 2006, as Morgan Stanley won $7.3 billion from new European funds, and Goldman just $5.6 billion.
In terms of the number of new clients, however, UBS was left holding the short straw again: Morgan Stanley claimed 104 new clients on the continent, while Goldman won 95. UBS’ 48 trailed even Credit Suisse, which added 50.