Staying single

There is a growing fashion for hedge funds, often start-up hedge funds, to consider using more than one prime broker in imitation, perhaps, of some of their larger peers.

But unless there are good reasons for this division ' and there are some ' my view is that working with more than one prime broker introduces unnecessary complications without adding concomitant financial benefits.

This view has strengthened over the past two or three years as financial rewards to prime brokers have grown and com

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