Morgan Stanley Dean Witter has come out on top in the hedge fund prime broker section of the HedgeWorld Research Institute's latest mid-year service provider league tables with hedge fund assets of $33.2 billion. Second came Bear Stearns with $28.1 billion and Goldman Sachs ranked third with $19.2 billion.
The survey covers service providers in not only prime brokerage but also hedge fund administration, legal counsel, custody and accounting. It was based on 892 American and international hedge funds and commodity trading firms and found that the top three firms collectively service around 77 per cent of the market. It
According to the survey, raising capital and technology are the biggest issues concering brokerage firms today. The firms are attempting to create more solid relationships between funds and investors in a bid to raise hedge fund assets. 'Capital raising has become the new mantra for prime brokerage,' said Stephan Vermut, ceo of Banc of America Prime Brokerage Services which ranked fifth in the league tables with $3.4 billion.
The survey found that hedge fund administrators are continually on the look out for more efficient technology to speed up and make more effective stock executions and transactions, options trading and short selling operations. Ron Suber, manager of global prime broker sales at Bear Stearns, told HedgeWorld: 'Hedge funds are demanding that prime brokerages have electronic execution vehicles, merely putting a portfolio report on the Internet, that's not enough.'
Other companies topping the league tables were CITCO Fund Services which came first in the fund administration group with $17.9 billion in assets; Akin Gump ranked number one in the legal counsel group with $9 billion; and the largest accountant/auditor was Ernst & Young whose clients manage around $55.5 billion.
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