Hedge fund managers form what has been called a "Faustian pact" with their prime brokers on whom they rely for all their securities lending and back office needs and increasingly some front office functions too. Choosing a prime broker who is really "prime" is a big decision and one that is rarely reversed during one fund manager's commercial lifespan. But on what basis should a hedge fund manager pick their prime brokers?
From the prime broker's point of view, the starting board for the dec
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