Tuesday, 31 May 2016
Last updated 3 days ago
Jun 22 2010 | 1:42pm ET
Credit Suisse Group and Deutsche Bank were the best prime brokerages last year, according to Global Custodian’s annual survey.
It is the second straight year that the two firms have drawn even atop the magazine’s table. Morgan Stanley took third, narrowly beating Goldman Sachs. JPMorgan Chase earned an equally small victory over Bank of America Merrill Lynch for fifth, followed by Newedge and UBS. Barclays and Citigroup tied for ninth.
The Global Custodian rankings were first reported by Dow Jones Newswires. The magazine ranks prime brokers based on financing, client services, technology, margining and other categories.
This year’s survey had more than 3,200 respondents, 55% more than last year and 12% more than in 2008, the worst year in hedge fund history.
Despite two straight years at the top, Credit Suisse and Deutsche Bank are hardly identical prime brokerages. The former is preferred by hedge funds with more than $5 billion in assets, the latter by those with less.