Wednesday, 31 August 2016
Last updated 12 hours ago
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.