Mary Chaney, Author at With Intelligence
15 Jun 2022

UBS tops European prime broker ranking 

Morgan Stanley still top by manadates, but drops behind Swiss bank client assets

UBS has overtaken Morgan Stanley as the leading prime broker in Europe by market share, though the US bank remains top by client numbers. The Swiss bank ended 2021 with a hedge fund book in the region worth $77.6bn in AuM, up 10% from $70.4bn a year earlier. Morgan Stanley rose 4% from $73.9bn to $76.7bn over the 12-month period. Morgan Stanley has the most client relationships, with 62 sole and 217 shared mandates, ahead of UBS’s 54 sole and 162 shared. UBS increased its mandate numbers from 41 sole and 154 split mandates last year.

Goldman Sachs rose one place to third, with $63.8bn in client assets, up a significant 24% over the year, across 44 sole and 160 shared mandates. The changes in the rankings reflect recent shake-ups in the prime brokerage world. Credit Suisse, which was third by client assets last year, is closing its prime brokerage business following the implosion of family office client Archegos Capital Management and dropped to sixth in what should be its final appearance on the list. It announced the closure in November and said it would refer clients to BNP Paribas, thirteenth on the latest list. The French lender’s position was unchanged despite striking a separate referral deal with Deutsche Bank in September 2019 after the latter said it was pulling back from prime broking. The German bank remains on the list, having dropped from eighth to tenth by client assets, as reporting catches up with the completed transfer of clients, technology and key staff to BNP at the end of 2021. JP Morgan, the third of the US ‘big three’ in prime brokerage, benefits from Credit Suisse’s drop and rises two places to fourth. It recorded the biggest growth of the main players, with client assets up 46% to $61.1bn in the year. HSBC holds onto fifth position after registering 30% growth. JP Morgan is the top prime broker to new funds by client assets, though its 11 mandates was fewer than Morgan Stanley (14), UBS (15) and Goldman Sachs (16).
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Top managed account platforms 2021

HedgeMark extends lead ahead of Innocap takeover

BNY Mellon’s HedgeMark grew its lead as the top managed account platform provider last year, increasing assets under management by more than a third to $40.5bn. HedgeMark, which is being acquired by Innocap Investment Management, has topped the list since 2019 when the methodology was adapted. The eight-strong list oversaw assets worth $117.4bn at the end of 2021, a 26% increase, demonstrating a strong industry demand for managed account products during the global pandemic. The annual asset increase outstrips the 10.5% performance gain posted by the average hedge fund last year.

Canada-based Innocap announced the HedgeMark takeover in February and it is subject to regulatory approval. BNY Mellon will keep a minority share. All eight constituents on the list grew platform assets in 2021. Paris-based Lyxor Asset Management in second place increased assets by $4bn to $26.9bn, putting it $13.6bn behind. Man FRM grew by $1.9bn to $21.5bn in third. 

 

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How Can Fund Managers Leverage Data to Improve ESG Practices?

As the demand for ESG data continues to increase, this panel discussion how explore how fund managers:

The role of data analytics and AI in improving research and engagement.

Data acquisition – the growth of data sets and how to benchmark service providers.

Data for improved portfolio management – how can fund managers use data to improve the ESG performance of portfolio companies?

How can alternative data sets be used to better understand the impact of ESG on portfolios?

Data applications for business – how can data management platforms help support internal ESG initiatives?  

Speakers

Ken Read, CRO, BipSync

Adam Lewicki, Chief Risk Officer, Head of Quantitative Strategies, Carlson Capital

Megan Herzl, Senior Content Manager, With Intelligence – Moderator

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DE&I as an Enabler for Improved Operational Performance & Investment Opportunities

With Intelligence ESG Symposium | 28 April 2022

As diversity, equity and inclusion becomes an increasingly topical conversation within boardrooms, this panel discussion will explore:

Benefits of team diversity – diverse teams as an enabler for improved operational and financial performance.  

Recruiting and retaining diverse talent – providing managerial training, team building activities and work from home initiatives.

Overcoming bias – leveraging NLP technology for improved screenings of applicants during the recruitment process. 

SEC guidance and recommendations for diversity & inclusion.

Speakers

Sara Schroeder, SVP, People and Development, Backstop Solutions

Jacqueline Taiwo, Co-Founder & CEO, Black Women in Asset Management (BWAM)

Paul Thompson, Founder, LGBT Capital

Rima Sen, Director, Credit Management Research, WTW

Sam Patmore, Senior Content Manager, With Intelligence – Moderator

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Women's Private Equity Summit

The Transition to Net Zero and More Sustainable Ways of Business

This panel discussion will explore various government initiatives and standards set out by regulators to encourage greater sustainability within businesses, and additional strategies to improve business sustainability. 

Topics of conversation include: 

  • How have recent global events have impacted the global transition to Net Zero?
  • Should frameworks be designed at a company/ industry or even country level?
  • What is needed from frameworks and business for further harmonisation?
  • We have moved from narrative to action, now its time for accountability, what should hedge funds now be doing in terms of accountability?
  • Case study examples of how the goal of Net Zero into business practices

Speakers

  • Tim Lord, Head of Climate Change, The Phoenix Group
  • Carlos Arcila-Barrera, Founder & CIO, Sigma Advanced
  • Eliot Whittington, Director of Corporate Leaders Groups, Cambridge Institute for Sustainability.
  • Carmen Bamford, Head of Event Content, With Intelligence – Moderator 

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