Tuesday, 26 July 2016
Last updated 36 min ago
Dec 23 2008 | 2:25am ET
As hedge funds go, so go the prime brokers: With many Western hedge funds cutting back on their Asian operations or eliminating them altogether, Morgan Stanley has reduced its Tokyo prime brokerage staff to a rump.
The firm, one of two largest prime brokers in the world, cut five of the seven members of its Tokyo prime brokerage team, Bloomberg News reports. The cuts, made last month, leave just team head Roger Dunphy and one other employee in Tokyo serving prime brokerage clients.
Morgan Stanley plans to use its other Asian prime brokerage teams, in Hong Kong and Singapore, to help serve its Japanese prime brokerage clients.