Tuesday, 5 May 2015
Last updated 2 hours ago
Oct 15 2008 | 11:53am ET
The hole in the prime brokerage space left by Lehman Brothers Holdings has steered business to rival and smaller primes. One administrator is taking advantage, banking on smaller the end of the market to make a run at the prime broker business.
Conifer Securities said it is working with JPMorgan Chase’s broker-dealer business services and building upon its fund administration and outsourced trade execution services to offer hedge funds financing, securities lending, asset custody and daily account reporting.
Conifer’s move into prime brokerage is spearheaded by Richard Del Bello, who has more than 15 years of prime brokerage experience, including seven years as the head of prime brokerage for the Americas at UBS.
“The credit crisis and subsequent market turbulence have transformed our industry as hedge funds shift assets to the most financially stable investment and commercial banks,” said Del Bello. “At the same time, some of the large prime brokers are squeezing the tails of their client rosters, eliminating hedge fund accounts that aren’t suitable for their business—and that’s where Conifer comes in.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…