Prime Brokers Warm to Multiplicity

Daily News | August 2, 2007| | Copyright

NEW YORK (HedgeWorld.com) - The prime brokerage industry has taken the first tentative steps toward accommodating hedge funds' use of multiple prime brokers. Citigroup and Credit Suisse Group are partnering with financial technology companies to develop multi- prime platforms. These platforms are the first of a new generation, according to Sameer Shalaby, chief executive of Paladyne Systems Inc., which worked with Credit Suisse on the creation of its Advanced Prime platform.

With the June launch of Advanced Prime, "Credit Suisse is starting to be more like a storefront with a lot of services, ...

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