Wednesday, 17 September 2014
Last updated 15 hours ago
Jan 27 2011 | 11:50am ET
Deutsche Bank's big plans for its Asian prime brokerage business are starting to fall into place.
The German bank's share of the Asian market has doubled over the last two years, with the firm now commanding as much as 20% of that market. And the firm, which increased its headcount by more than 20% over the last two years, plans to boost it a further 10% this year.
"Our growth in 2008 and 2009 was a function in the main of risk diversification, especially as people added a second, third prime broker to allay concerns about counterparty exposure," Marlin Naidoo, head of the Asia-Pacific hedge fund capital group, told Reuters. "Since then, our market share has increased in a more organic sense and particularly in light of our heavy emphasis and investment in the start-up area, which paid material dividends in 2010."
Deutsche Bank currently boasts about 70 prime brokerage professionals in the region.
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