Sunday, 21 September 2014
Last updated 2 days ago
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.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.