[ I N D E P T H | P R I M E B R O K E R A G E ] that we suspect will continue for some time .”
Some of the aspiring players are present in the Prime Brokerage Survey , with outperforming scores set by players including Pershing , CIBC Mellon , Marex , Cantor and TD Securities . Clear Street is also continuing to make waves , despite being a much newer player on the scene .
For Marex – previously TD Cowen – a new chapter has begun under a new owner , and the transaction has been relatively seamless with the prime broker retaining its team members , and even adding talent . Seibald added that under Marex , the prime brokerage unit is starting to explore opportunities in segments of the market it previously had little to no exposure to , but where Marex is a prominent participant , specifically , commodities and futures .
Seibald ’ s team is joining in the upstream movers by some of the players named above , along with the likes of BTIG , Interactive Brokers , Jones- Trading , and near to a dozen of the largest banks .
It should be noted that in a market which has experienced provider exits , the shedding of less profitable clients and with looming increased capital requirements - don ’ t underestimate the lure of staying power and commitment to the business .
Multi-strat growth Along with the opportunities from wanting clients , it ’ s really been the rise of multi-strategy hedge funds which continues to benefit the industry , particularly players with diversified capabilities across all of the asset classes and securities , as well as in the futures and commodity space . This trend , and shift away from an equity-centric sector , has cemented these prime brokerage divisions as the jewel in the investment banking crown for many of the largest players in financial services . “ A lot of the really big funds have taken in a lot of the assets that are coming into the marketplace ,” says Aaron Steinberg , head of prime services at BNY Pershing , “ A lot of that money from the institutional allocators , has been funnelled to
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