Survey Shows Tighter Competition In Asia-Pacific Prime Brokerage

May 24 2011 | 1:24pm ET

Players in the fiercely-competitive Asia-Pacific prime brokerage market find themselves on increasingly even footing, according to a new survey.

Goldman Sachs and Morgan Stanley, the unquestioned leaders of the Asian prime brokerage industry just three years ago, have seen their combined market share fall by half, according to the AsiaHedge survey. The two now command a combined 30% of the market, while three other firms each now account for more than 10% of the market each.

The shakeup has made the top five—who together account for 67% of all Asia-Pacific hedge fund assets—more evenly-matched than ever before, AsiaHedge said.

Goldman remains the biggest player in the region, the survey shows, but Morgan Stanley, which boosted its assets for the first time in three years, has cut into its lead. Credit Suisse replaced Deutsche Bank as the third-largest prime broker in the region, less than US$5 billion behind Morgan Stanley. Deutsche Bank and UBS round out the top five.

While Goldman remains the king regionally, Morgan Stanley has staked its claim as the biggest prime broker in Asia's hedge fund capital, Hong Kong. Deutsche Bank is the second-largest prime broker in that city.

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