HEDGE FUND PRIME BROKERS

HEDGE FUND
PRIME BROKERS
We analyze the activity of hedge fund prime brokers by their clients’ fund structure, fund size and more.

Fig. 1: Prime Brokers Servicing Single-Manager Hedge Funds

(As at May 2018)
Fig. 2: Prime Brokers Servicing CTAs (As at May 2018)
No. of Known Proportion of Hedge
Firm Hedge Funds Funds Launched in Last No. of Known
Firm
Serviced 12 Months Serviced CTAs Serviced
Goldman Sachs 3,142 25% Société Générale Prime Services 117
Morgan Stanley Prime Morgan Stanley Prime Brokerage 81
3,033 32%
Brokerage Goldman Sachs 70
J.P. Morgan 2,132 23% J.P. Morgan 66
Credit Suisse Prime Fund Interactive Brokers 55
1,345 15%
Services
Deutsche Bank Global Prime Finance 48
UBS Prime Services 1,278 7%
Credit Suisse Prime Fund Services 43
Bank of America Merrill Lynch 1,203 9%
Bank of America Merrill Lynch 42
Deutsche Bank Global Prime
1,077 5% SG Americas Securities 39
Finance
Citi Prime Finance 857 5% UBS Prime Services 39
Barclays 664 8% Source: Preqin
Interactive Brokers 627 10%

Source: Preqin

Fig. 3: Prime Brokers Servicing Funds of Hedge Funds Fig. 4: Market Share of Leading Prime Brokers Servicing Hedge
No. of Known Funds of
Funds
Firm
Hedge Funds Serviced 40%
Goldman Sachs 54 34%
35% 32%
Morgan Stanley Prime Brokerage 43
30%
Proportion of Funds Serviced

J.P. Morgan 42
Interactive Brokers 23 25% 23%
Citi Prime Finance 22 20%
Deutsche Bank Global Prime Finance 20 14% 14%
15%
Pershing Prime Services 18
10%
Wells Fargo Prime Services 15
BNP Paribas Prime Brokerage 13 5%

UBS Prime Services 12 0%

Goldman Morgan J.P. Credit Suisse UBS Prime
Source: Preqin
Sachs Stanley Prime Morgan Prime Fund Services
Brokerage Services

Source: Preqin

Fig. 5: Market Share of Leading Prime Brokers Servicing Hedge Fig. 6: Market Share of Leading Prime Brokers Servicing Hedge
Funds by Fund Manager Location Funds by Fund Size
45% Goldman Sachs 70% Goldman Sachs
Proportion of Funds Serviced

Proportion of Funds Serviced

40% 39%
60% 58%
35%
35% 32% Morgan Stanley 51% Morgan Stanley
30% 31% 50%
30% 28% 28% 28% Prime Brokerage 42% 43% Prime Brokerage
40%
24% 40% 35%
25% J.P. Morgan 33%
35% J.P. Morgan
20% 21% 30% 30% 32%
30% 29%
20% 17% 24% 22%
16% 23%
Credit Suisse Prime 20% 18% 16%
15% 13% 20% 15% 12%
20% Credit Suisse Prime
12% 14%
9% Fund Services 13% 5% 11% 14% Fund Services
10% 8% 10%
7% 10% 7% 7% 10%
5% 3% 3% UBS Prime Services UBS Prime Services
0%
0%
$50-99mn
Less than

$100-249mn

$250-499mn

$500-999mn

$1bn or
$50mn

More
Rest of
Asia-Pacific
America

Europe

World
North

Fund Manager Location Fund Size

Source: Preqin Source: Preqin

1 © 2018 Preqin Ltd. / www.preqin.com

 HEDGE FUND PRIME BROKERS

Fig. 7: Most Utilized* Prime Brokers Servicing Hedge Funds by Fund Manager Location (As at May 2018)
North America Europe Asia-Pacific Rest of World
Goldman Sachs Morgan Stanley Prime Brokerage Morgan Stanley Prime Brokerage Morgan Stanley Prime Brokerage
Morgan Stanley Prime Brokerage Goldman Sachs Goldman Sachs Peregrine Securities
J.P. Morgan UBS Prime Services UBS Prime Services Rand Merchant Bank
Credit Suisse Prime Fund Services Credit Suisse Prime Fund Services Deutsche Bank Global Prime Finance Goldman Sachs
Bank of America Merrill Lynch J.P. Morgan Bank of America Merrill Lynch Credit Suisse Prime Fund Services
Deutsche Bank Global Prime Finance Bank of America Merrill Lynch Credit Suisse Prime Fund Services UBS Prime Services
UBS Prime Services Deutsche Bank Global Prime Finance Citi Prime Finance Interactive Brokers
Citi Prime Finance Citi Prime Finance Interactive Brokers Deutsche Bank Global Prime Finance
Interactive Brokers Barclays Nomura Prime Services Citi Prime Finance
Barclays HSBC Prime Services HSBC Prime Services HSBC Prime Services

Source: Preqin

Fig. 8: Most Utilized* Prime Brokers Servicing Hedge Funds by Structure (As at May 2018)
Single-Manager Hedge Funds CTAs Funds of Hedge Funds
Goldman Sachs Société Générale Prime Services Goldman Sachs
Morgan Stanley Prime Brokerage Morgan Stanley Prime Brokerage Morgan Stanley Prime Brokerage
J.P. Morgan Goldman Sachs J.P. Morgan
Credit Suisse Prime Fund Services J.P. Morgan Interactive Brokers
UBS Prime Services Interactive Brokers Citi Prime Finance
Bank of America Merrill Lynch Deutsche Bank Global Prime Finance Deutsche Bank Global Prime Finance
Deutsche Bank Global Prime Finance Credit Suisse Prime Fund Services Pershing Prime Services
Citi Prime Finance Bank of America Merrill Lynch Wells Fargo Prime Services
Barclays SG Americas Securities BNP Paribas Prime Brokerage
Interactive Brokers UBS Prime Services UBS Prime Services

Source: Preqin

Fig. 9: Most Utilized* Prime Brokers Servicing Hedge Funds by Fund Size (As at May 2018)
Less than $50mn $50-99mn $100-249mn $250-499mn $500-999mn $1bn or More
Morgan Stanley Morgan Stanley Morgan Stanley
Goldman Sachs Goldman Sachs Goldman Sachs
Prime Brokerage Prime Brokerage Prime Brokerage
Morgan Stanley
Interactive Brokers Goldman Sachs Goldman Sachs Goldman Sachs J.P. Morgan
Prime Brokerage
Morgan Stanley Morgan Stanley
J.P. Morgan J.P. Morgan J.P. Morgan J.P. Morgan
Prime Brokerage Prime Brokerage
Credit Suisse Credit Suisse
J.P. Morgan UBS Prime Services UBS Prime Services UBS Prime Services
Prime Fund Services Prime Fund Services
Credit Suisse Bank of America Credit Suisse Deutsche Bank
UBS Prime Services UBS Prime Services
Prime Fund Services Merrill Lynch Prime Fund Services Global Prime Finance
Credit Suisse Bank of America Credit Suisse Deutsche Bank Deutsche Bank Bank of America
Prime Fund Services Merrill Lynch Prime Fund Services Global Prime Finance Global Prime Finance Merrill Lynch
Deutsche Bank Deutsche Bank Deutsche Bank Bank of America
Citi Prime Finance Citi Prime Finance
Global Prime Finance Global Prime Finance Global Prime Finance Merrill Lynch
Bank of America Wells Fargo Bank of America
Jefferies Citi Prime Finance Barclays
Merrill Lynch Prime Services Merrill Lynch
BNP Paribas BNP Paribas
Jefferies Jefferies Barclays UBS Prime Services
Prime Brokerage Prime Brokerage
Wells Fargo BNP Paribas Fidelity Prime BNP Paribas
Interactive Brokers Barclays
Prime Services Prime Brokerage Services Prime Brokerage

Source: Preqin

CONTACT US

We hope that you find the data in this report useful and welcome any feedback you may have.

If you would like to learn more about the methodology used or share data for our future reports, please contact
info@preqin.com or get in touch with your account manager.

*Ranked by number of funds serviced.

Unless otherwise noted, firms are included in tables based on number of known funds serviced within the given criteria. In the event of a tie, firms with the same
number of known fund clients will be ranked according to the funds’ aggregate value. If you would like to learn more about the methodology used or share data for
our future reports, please contact info@preqin.com.

2 © 2018 Preqin Ltd. / www.preqin.com