Market volatility, greater use of leverage and a surging hedge fund market are fuelling a boom in prime brokerage revenues, which have risen 51% year-on-year by one measure.
Twelve large global prime brokerage desks tracked by Crisil Coalition Greenwich made $22.45bn in revenues in the first half, compared to $14.85bn for the same period last year.
Multi-strategy and quantitative hedge funds, with their complex trade requirements and high use of borrowing, are at the epicentre of this boom.
AFI has updated its research into the Top 10 prime brokers to multi-strategy managers, to now include the top three clients for each PB, showing estimated relationship size, which members can access below.
Barclays is the leading prime broker to multi-strategy hedge funds in terms of allocated assets ($595bn), with Citadel and Qube Research & Technologies its biggest clients; but Morgan Stanley and Goldman Sachs lead in terms of individual multi-strategy client numbers.
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