Monday, 26 January 2015
Last updated 6 hours ago
Oct 28 2008 | 2:00am ET
For Credit Suisse, the collapse of Lehman Brothers Holdings helped create the only bright spot in its third quarter earnings report.
The bank’s prime brokerage unit added 117 billion Swiss francs (US$100.9 billion) in assets during the third quarter. By contrast, it’s securities unit posted a 3.23 billion Swiss franc loss, due to trading losses and write-downs.
Last week, CEO Brady Dougan said the firm’s prime brokerage could have added even more assets but for its being “selective in terms of counterparties and collateral onboarded.” Credit Suisse says it turns down about two-thirds of prospective hedge fund clients.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…