Credit Suisse edged out Morgan Stanley to become the second-largest prime broker in Asia this year, according to a new survey.
Credit Suisse added 14 clients and $2.4 billion over the past year, AsiaHedge said. Morgan Stanley still has more clients—although it failed to add any over the year—but those clients have fewer assets than Credit Suisse's roster.
Goldman Sachs remains the region's largest prime broker, with $24.6 billion from 179 clients, both up from last year. The fourth- and fifth-largest prime brokers in Asia, Deutsche Bank and UBS, saw the assets overseen by their hedge funds fall, as did Bank of America Merrill Lynch, which fell into seventh place behind Citigroup, followed by HSBC, JPMorgan Chase and Newedge.
Credit Suisse's growth was fueled by expansion in China and Hong Kong, where it is now the largest prime broker, taking a crown formerly held by Deutsche Bank.