Institutional investors learn from investment bank due diligence and disclosure processes

Risk shift


Not long ago the prime brokerage titans were often considered the gatekeepers of the hedge fund industry. Their ability to dictate terms of business were often in favour of the brokerage house and left little or no room for negotiations by hedge funds with less than $500 million in assets under management (AUM).

The argument that hedge funds posed substantial counterparty credit risk was one every banking credit analyst was indoctrinated to believe. Credit risk policy was then formulated to

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