Lehman To Boost Brokerage Biz

Oct 5 2006 | 2:54pm ET

Lehman Brothers will seek a bigger share of the lucrative prime brokerage market, according to a CIBC World Markets research report.

The Wall Street giant’s chief administrative office, David Goldfarb, told a CIBC analyst that his firm’s prime brokerage unit is too small to compete with Goldman Sachs and Morgan Stanley, which dominate the market. According to the report, “the growth of the prime brokerage business remains a high priority and big push for the firm.”

Just last week, Jefferies & Co. announced that it was also entering the prime brokerage market and would be targeting small hedge funds.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…