Deutsche Bank (DB) Prime Brokerage Services
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Resource #1: (7.7.09) Deutsche Bank today announced that the Global Prime Finance business within its Global Markets division received 127 "Best in Class”* and 16 "Top Rated and Commended”** awards, the most among all global prime brokerage providers, in the Global Custodian 2009 Prime Brokerage Survey.
The Survey recognized the Bank’s role as a stable counterparty to hedge funds during the market volatility of 2008. Global Custodian notes one client described Global Prime Finance as: "’Solid as a rock during the financial crisis.’” Global Custodian also recognized the Bank’s commitment to the business: "It continues to invest [in] automated reporting, adding managed accounts (DB X Markets) and introducing analytical tools in stock loan (DB Stock Loan Quant) in the last year alone.”
"For the second year in a row, hedge funds have confirmed that Deutsche Bank is their premier choice for financing solutions,” said Barry Bausano, co-head of Global Prime Finance.
Resource #2: Scores of big hedge funds have been shifting billions of dollars in prime brokerage business away from Morgan Stanley and Goldman Sachs to operations housed in large commercial banks, in what is being viewed as a massive flight to safety, write Greg Farrell and Henny Sender in New York .
Traders at JPMorgan Chase, Citigroup, Deutsche Bank and Credit Suisse are among those who describe themselves as "inundated" with business from hedge fund managers moving their trading and execution away from the last two remaining independent investment banks.
In recent weeks, prime brokerage business had been migrating away from Lehman Brothers, as the market perception of that firm began to worsen.
But after Lehman's collapse into bankruptcy protection on Monday, along with Merrill Lynch's decision to be acquired by Bank of America, the gradual ebb of prime brokerage business away from the independents rose to a flood.
APG, manager of Europe's biggest pension fund, said: "We have stopped stock lending in several American, but also European, banks whose shares face the most downward pressure, among others, from short-sellers." Read more...
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Tags: Deutsche Bank Prime Brokerage, DB Prime Broker, DB Prime Broker Services, Hedge Fund Prime Brokerage Services by Deutsche Bank, Dutsche Bank, Deutsche Bank
