Battle for Asian prime brokerage dominance rages on
24 May 2012 Hong Kong
Image: Shutterstock
A survey by AsiaHedge has reported that Credit Suisse and Bank of America celebrated increased market share over 2012 in their Asian prime brokerage divisions, while Goldman Sachs and Morgan Stanley have lost hedge fund clients and assets.
Before 2008, the combined market share of Goldman Sachs and Morgan Stanley in the Asia-Pacific market was 60 percent. Four years later, their combined share had dropped to 30 percent, with Credit Suisse, Deutsche Bank and UBS seizing more than 10 percent each.
The survey also revealed that the Bank of America flew past Citigroup in terms of number of assets, increasing assets by more than a third to $6 billion approximately.
However, assets under management for all players fell to $137 billion from $150 billion, as more than 80 hedge funds shut down.
Before 2008, the combined market share of Goldman Sachs and Morgan Stanley in the Asia-Pacific market was 60 percent. Four years later, their combined share had dropped to 30 percent, with Credit Suisse, Deutsche Bank and UBS seizing more than 10 percent each.
The survey also revealed that the Bank of America flew past Citigroup in terms of number of assets, increasing assets by more than a third to $6 billion approximately.
However, assets under management for all players fell to $137 billion from $150 billion, as more than 80 hedge funds shut down.
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