ING Launches Synthetic Prime Brokerage

Jun 25 2010 | 7:13am ET

ING is aiming to take advantage of growing hedge fund demand for derivatives services with a synthetic prime brokerage business.

The firm’s new synthetic portfolio solutions team has absorbed ING’s contracts-for-difference business, and will work in concert with its equity lending and repo businesses, Hedge Funds Review reports. It also plans to expand to fixed-income and other derivatives.

“Our traditional CFD product was equity-focused, while SPS will cover all markets and securities,” Michael Baudo, co-head of global securities finance, told HFR.

To head the new effort, ING has hired former RBC Capital Markets prime brokerage and equity finance chief Colin Bugler. Bugler has also worked in prime brokerage at Scotia Capital and Merrill Lynch.

According to Baudo, ING moved to create the new business in response to client demand, “especially from large hedge funds who want to diversify their credit risk and exposures across the board.”

“We see significant room for growth in synthetic prime brokerage.”


In Depth

Fund Manager's Disease: Common Symptoms and Proposed Remedies

May 3 2016 | 6:11pm ET

The cadre of 25 research analysts at Murano Systems speaks with more than 150 investors...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...