Wednesday, 1 October 2014
Last updated 12 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...