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Instead, a combination of rising interest rates, inflation, soaring energy prices and geopolitical tensions have hit hedge funds, and subsequently the risk management practices of prime brokers. Elsewhere, other local regulatory changes and benchmark replacements continue to impact prime brokers.
For example, 53% believe it could answer the problem of lack of familiarity with local markets, highlighting gaining local market insights (44%) and understanding market structure nuances (44%) as among the main concerns.
RBC appointed Guy Chalkley as managing director, UK flow rates sales. Chalkley brings more than three decades worth of financialservices to the role, in both portfoliomanagement and rates sales. Before joining RBC, Chalkley spent 11 years at NatWest Markets.
Dominic Rieb-Smith, managing director, international head, prime services sales, JP Morgan, refers to the past year as “a standout”. Data from Convergence tracking the top 25 prime brokers showed their market share grew from 83.3% in April 2023, to 92% in 2024. Those are the relatively commoditised parts of the business.
The service provider landscape for outsourced trading is made up of an eclectic mix of firms. Boutique independents and the largest financialservices providers co-exist in this burgeoning space which has some elements of comradery and others of fierce rivalry.
He joined DWS Group a year later as a portfoliomanager and worked his way up through the ranks, going on to lead teams of PMs focused on a range of instruments that stretched across asset classes. But Eppacher began to notice a distance between himself and the day-to-day action of what was happening in the markets.
These systems touch upon all elements of the trading lifecycle throughout the front-to-middle-to-back-office including execution, order, risk and portfoliomanagement. Home to Bloomberg’s central data services the interface offers users access to news, data, analytics, and multi-asset trading tools.
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