Inside BGC’s quiet move into agency broking
The interdealer broker’s Caventor Capital arm is pitching a hands-on service for hedge funds, filling what it sees as a gap left by large banks
The rise of the multi-manager hedge fund in recent years has coincided with a well-documented ‘brain drain’ of experienced sell-side staff to the buy side. As the story goes, this has left smaller numbers of juniorised staff at the dealers to cover the surge in the number of portfolio managers, who act as mini-hedge funds in their own right and increasingly need individual coverage.
This has left a
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