BNP Paribas Prime Bokerage
BNP Paribas Prime Brokerage Services - Notes
Here are a collection of publicly available stories on BNP Paribas SA prime brokerage services:__________________
Resource #1: (11.16.08) BNP Paribas SA, France's biggest bank, won prime brokerage business in Asia with hedge fund CQS (U.K.) LLP as it seeks to lure clients in the region from rivals.
The new contract with CQS, a London-based hedge fund manager that has an office in Hong Kong and oversees about $7.5 billion, adds to BNP Paribas's existing relationships with major hedge funds in the region, according to Talbot Stark, global head of BNP Paribas hedge fund relationships. He declined to name other existing clients.
``We have prime brokerage relationships with three or four of the market leaders in Asia that are outperforming their peers and look to be longer-term survivors in the Asian hedge fund market,'' Stark, 43, said in a telephone interview yesterday. ``We're in discussions with several other key players that are making decisions to change their prime brokerage providers and are seeking alternative providers that are established and committed to the region.''
Commercial banks such as BNP are seeking to win customers from established players in the hedge fund market after the collapse of Lehman Brothers Holdings Inc. and Bear Stearns Cos. rattled confidence in securities firms. Goldman Sachs Group Inc. and Morgan Stanley were ranked by a Westborough, Massachusetts- based Tabb Group LLC report in May as the two biggest prime brokers worldwide.
Prime brokerages offer hedge funds services such as clearing, custody, securities lending and financing for assets. They also introduce fund managers to investors. Source
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Resource #2: BNP Paribas SA, France's biggest bank, said it got a ``flood'' of clients at its prime brokerage since Lehman Brothers Holdings Inc. filed for bankruptcy on Sept. 15.
BNP Paribas expanded its services for hedge funds in June, when it bought Bank of America Corp.'s prime brokerage unit. The unit provides record-keeping, securities lending and secured financing to more than 500 hedge funds and has 320 employees, the company said.
``That acquisition now looks timely in these markets as people are in the middle of a flight to quality,'' said Talbot Stark, global head of BNP Paribas hedge fund relationships, in an interview today. ``Foremost on people's minds is ensuring that wherever they decide to put assets, they will be secure.''
Lehman won't return ``billions'' of frozen prime-brokerage assets ``in the short term,'' Stephen Pearson, a partner at PricewaterhouseCoopers, administrator for the Lehman bankruptcy, said yesterday. GLG Partners Inc., the $24 billion hedge fund that started as a unit of Lehman 13 years ago, this week said some ``residual'' trades with Lehman didn't clear before it filed the biggest bankruptcy in history.
While Stark wouldn't specify how much money hedge funds have moved to BNP Paribas, he said the company is now taking only 24 hours to sign complex prime brokerage agreements that used to take as long as three months to negotiate. Read more...
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Resource #3:
The FINANCIAL -- BNP Paribas is pleased to announce it has completed the acquisition of Bank of America's equity prime brokerage business.
The equity prime brokerage business rovides a wide range of services to hedge funds and mutual funds. We believe it is a low risk, low capital consumption, service oriented business.
The deal, announced on June 10 of this year, brings more than 500 clients and over 300 employees to BNP Paribas Corporate and Investment Banking. The transaction involves the transfer of client relationships, employees and technology systems.
Yann Gerardin, Global Head of Equity and Commodity Derivatives, said: “The strategic fit of this acquisition is excellent. Combining the Bank of America prime brokerage business with our global platform and leading derivatives business creates a prime brokerage business of choice. It is an important advantage for clients to partner with a bank like BNP Paribas , with a AA+ credit rating and global reach”.
Todd Steinberg, Head of Equity and Commodity Derivatives for the Americas, said: “We are thrilled the deal has closed on schedule. Our goal was to move the business over seamlessly for clients and employees and we have achieved this. “
Related to BNP Paribas SA Prime Brokerage Services:
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- Prime Brokers Association
- Prime Brokerage New York
- Asian Prime Broker Growth
- Prime Brokerage Sales Trend
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