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Battle for Prime Brokerage Business is Heating Up, Says Bloomberg Markets

New York (ots/PRNewswire)

As Wall Street follows the money trail
and focuses its sights on hedge funds, two of the world's largest
investment banks are facing fierce competition from behind, according
to the May issue of Bloomberg Markets Magazine.
Morgan Stanley and Goldman Sachs Group Inc. are leading the battle
to dominate the prime brokerage business, which provides trading and
accounting services for the US$1 trillion hedge fund industry, a
Bloomberg Markets story reveals.
"It's like the Cold War," Alex Ehrlich, global head of prime
brokerage for UBS, tells Bloomberg Markets. "Nobody can back down,
and they can't change the model."
In an article entitled "Riding the Hedge Fund Boom," Bloomberg
Markets senior writer Michael Peltz talks to the movers and shakers
in prime brokerage. The Bloomberg Markets writer uncovers the
expanding scope of special accommodations that banks and brokerage
firms are offering to hedge funds in an attempt to win more of their
business. The number of hedge funds has almost quadrupled in size
over the past decade, and hedge funds now account for 40 percent of
equity related revenue on Wall Street.
The May edition of Bloomberg Markets will hit newsstands in
mid-April and will be available for sale at all local Borders and
Barnes & Noble bookstores and other local newsstands. Bloomberg
Markets is distributed to all Bloomberg terminal users. Bloomberg
Markets articles are also available on the Bloomberg terminal.
About Bloomberg
Bloomberg is the leading global provider of data, news and
analytics. The BLOOMBERG TERMINAL(TM) and Bloomberg's media services
provide real-time and archived financial and market data, pricing,
trading, news and communications tools in a single, integrated
package to corporations, news organizations, financial and legal
professionals and individuals around the world. Bloomberg's media
services include BLOOMBERG NEWS(R), the global news service that
includes more than 1,600 journalists in 103 bureaus worldwide;
BLOOMBERG TELEVISION(R), the 24-hour business and financial network
produced and distributed worldwide on 10 separate channels in seven
languages; and BLOOMBERG RADIO(SM), which provides up-to-the-minute
news on XM, Sirius and WorldSpace satellite radio around the world
and on WBBR 1130AM in New York. In addition, Bloomberg Press
publishes books for investment professionals. For more information
please visit http://www.bloomberg.com .
About Bloomberg Markets
Bloomberg Markets is a monthly magazine providing insight into
financial executives, the firms where they work, and the companies in
which they invest. Bloomberg Markets has a 300,000 world-wide
circulation and is published monthly by Bloomberg News. Bloomberg
Markets is available to all Bloomberg terminals users and sold in
local newsstands and in Borders and Barnes & Noble bookstores.
Web site: http://www.bloomberg.com

Contact:

Loren Riegelhaupt of Sloane & Company, +1-212-446-1871, or
lriegelhaupt@sloanepr.com, for Bloomberg

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