Tuesday, 30 August 2016
Last updated 7 hours ago
Sep 30 2006 | 9:08am ET
New York investment bank Jefferies Group is vying for a slice of the lucrative prime brokerage market, where it will compete with its larger Wall Street brothers, including Bear Stearns, Goldman Sachs and Morgan Stanley.
Next week the firm is launching a prime brokerage that will focus on smaller and mid-sized hedge funds – those with between $25 million and $1 billion in assets – instead of shooting for the giant funds serviced by giant banks.
The prime brokerage aims to have 25 hedge fund clients by the end of 2006, and hopes to add up to 120 new clients next year.