Revenge of the Titans

BROKERAGES

Last year was an odd one for the prime brokerage servicing market. It started with Wall Street avoiding small hedge funds like the plague, and ended with the bulge-brackets returning in earnest.

It was late 2008 when former Bank of America CEO Kenneth Lewis compared the dangers of prime broking to that of someone crossing a busy highway to pick up a small coin-high-risk, low-reward.

The titans of Wall Street were content to sit on the sidelines, watching as freshly launched hedge funds fell into

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