Merrill Prime Brokerage Boosts Clients, Revenue

Mar 26 2008 | 2:47pm ET

Merrill Lynch’s prime brokerage is booming, and the current market turmoil hasn’t dimmed its prospects, a top executive said.

The firm boosted the number of its prime brokerage clients by 50% over the past year, managing director Jeff Penney told Bloomberg News. The firm has focused on multi-strategy hedge funds—whose numbers have doubled in the past five years—and on hedge funds looking to work with more than one prime broker.

The growth at the third-largest prime brokerage pushed revenue and assets at the unit up 50% in the past year, as well, while Merrill has increased prime brokerage staffing by 20%.

Penney said the firm stands to profit from the collapse of Bear Stearns, with some 20 hedge funds calling with inquiries within three days.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…