The prime brokerage market has historically been made up of two leaders, Morgan Stanley and Goldman Sachs, with a chasing pack.
Although this is still the case, the expansion of the industry into and across Europe has further opened up competition for market share, with younger and more malleable institutions better placed to start snapping at the heels of the leaders.
One such poaching ground is continental Europe. With the various regulatory authorities becoming more hedge fund-friendly,
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