Wednesday, 23 July 2014
Last updated 5 hours ago
Jan 7 2011 | 1:56pm ET
FBR Capital Markets is pulling the plug on its 16-month-old prime brokerage unit, a source with knowledge of the closure told FINalternatives.
The unit was launched in 2009 with talent like Michael Murray and Matthew Ventura, both lured away from Shoreline Trading.
FBR's prime brokerage unit specialized in servicing small hedge funds—a market that was supposed to be lucrative, as the larger prime brokerages, post-2008, were dropping these smaller clients.
The business, however, never found traction.
Analysts say the brokerage unit represented only a small portion of FBR’s business and its disappearance will not damage the company’s bottom line.
FINalternatives could not reach anyone at FBR's prime brokerage unit for comment.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…