Credit Suisse Replaces Morgan Stanley as Number Two Asia Prime Broker

by swisscham in Bank, Finance, Insurance

The Asian prime brokerage unit of Credit Suisse has replaced Morgan Stanley as the second largest firm servicing the region’s USD 148 billion hedge funds industry, a survey showed. Credit Suisse overtook Morgan Stanley by adding 14 new clients and USD 2.4 billion in assets over the last year, a first for any prime broker in Asia, the survey showed. Prime brokers provide services such as clearing trades and lending money to hedge funds. The fiercely competitive industry is going through a rough patch in Asia, where raising capital is becoming more difficult and many funds are shutting down.

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