Tuesday, 30 August 2016
Last updated 8 hours ago
Jun 8 2009 | 1:05am ET
Another major investment bank is boosting its prime brokerage business amidst improving performance for the hedge fund industry.
Barclays Capital, which last year gave its prime brokerage a major shot in the arm through the acquisition of Lehman Brothers’ North American business, is expanding in the area as more hedge funds move towards using multiple prime brokers. The firm is “opportunistically” expanding its prime brokerage, Financial News reports, on the heels of similar news about Bank of America and Citigroup.
“Barclays Capital is actively expanding its prime services business throughout the world,” a spokesman told FN.
Just last week, it emerged that Barclays had snagged Ashley Wilson, former head of financing and client services for Europe, the Middle East and Africa and Bank of America Merrill Lynch. Despite that loss, Bank of America is growing in prime brokerage as well, with plans to add some 40 new employees to its global financing division.