JPMorgan has emerged as the biggest winner as banks swoop in on Deutsche Bank’s jettisoned hedge fund business
|09/17/2019||Posted by BusinessMediaguide.Com under General World News||
- Following Deutsche Bank’s industry-rattling equities exit this summer, top Wall Street competitors have been feasting on the firm’s most-coveted prime brokerage assets.
- JPMorgan is emerging as an early victor, raking in as much as $40 billion in new assets from top-tier hedge funds including Renaissance Technologies and D.E. Shaw, according to people familiar with the matter.
- Other top banks have also grabbed billions in assets from Deutsche’s clients, and only roughly $75 billion out of the firm’s nearly $200 billion in balances still remain, sources say.
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