Prime brokerage faces a new reality, as hedge funds no longer have the upper hand. But, then, neither do their bankers.
By Josh Friedlander
The financial drama of the past year has turned Wall Street upside down. In few places is this more evident than within the once-heady world of hedge fund financing. That's good news for Barry Bausano, who co-heads global prime finance at Deutsche Bank, the German financial institution that has spent eight years muscling its way into this lucrative business. These days, Bausano can sit back as the phone calls come in from worried hedge funds that now think they should add a global bank, particularly one that has largely escaped the credit crisis, to their stable of one or more U.S.-based broker/dealers.
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