Prime Brokerage Offers Credit Suisse A Lifeline

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.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR