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Prime Broker Hiring Uptick

With hedge funds showing signs of life, banks are polishing up their prime broking arms. The Wall Street Journal reports that Citigroup has added 18 people to its prime broking business so far this year and that Bank of America/Merrill Lynch intends to add 40.

A month ago eFinancialCareers News picked up indications of New York-based prime broker hires at Goldman Sachs.

The return to prime broking recruitment comes amidst a shakeup in the sector which has seen the big established players (Goldman Sachs and Morgan Stanley) suffer, and almost everywhere else benefit. This is generating movement. Last month, Morgan Stanley appeared to dump Stu Hendel and hired Alex Erlich from UBS to replace him as head of prime brokerage. Deutsche Bank cited prime broking as a strong growth area in its first quarter report and according to a recent presentation by Alliance Bernstein analysts, Deutsche, together with Credit Suisse, BNP Paribas and custodians are all growing in the sector.

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AUTHOReFinancialCareers UK Insider Comment
  • td
    tdmartin
    12 June 2009

    Who cares how it is spelled Caroleen? We get the general idea.

  • JC
    JCL
    11 June 2009

    Any PB in SF?

  • Vi
    Vijayendra Rao
    11 June 2009

    I find this as an attractive job to do. Currently i am working in Deutsche Bank back office (Prime Brokerage process- Settlements). Please advise me how can i achive to grow in my career. Atleast for working in Middle office. I have total of 3 years experience in PB. Have good market knowledge. Please guide me.

  • ch
    chris
    11 June 2009

    what is a 'prime' broker? or a 'prime' brokerage?

  • St
    Steve
    10 June 2009

    Are there any prime brokerage groups in Chicago? If so which ones or how can I find them?

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