Tuesday, 26 July 2016
Last updated 45 min ago
Aug 17 2010 | 11:58am ET
Credit Suisse has brought back Lesley Goldwasser to run a new unit seeking to provide long-term financing for hedge funds.
Goldwasser, who spent a dozen years apiece at Credit Suisse and Bear Stearns before joining hedge fund Irving Place Capital in 2008, will head the Swiss bank’s new hedge fund strategic services division. The group will oversee Credit Suisse’s existing hedge fund advisory, account management and capital services businesses, and will also seek to offer longer-term financing through equity and debt offerings from hedge fund clients.
“We see these conversations ultimately converging strategically as we work to help hedge funds be less dependent on prime brokers,” Philip Vasan, Credit Suisse’s head of prime services, told Bloomberg News. “The traditional prime broker possibly sees this as cannibalizing business, but we want to get ahead of the dialogue by exploring the path now.”