Tuesday, 26 May 2015
Last updated 3 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.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…