Standard Bank to start prime brokerage business

Hedge Fund

Standard Bank, Africa’s largest bank by assets, plans to start a prime brokerage next month to benefit from regulatory changes in South Africa it expects will boost the hedge fund industry.

Bloomberg News reports that the Johannesburg-based company anticipates having five hedge fund clients by the end of the year, said Andy Hall, head of global markets at Standard Bank. The bank will compete against Peregrine Holdings Ltd. and units of FirstRand Ltd., Deutsche Bank, Investec and Barclays Africa.

“There’s still a big bite to eat in the significant growth we expect in hedge funds,” he said in an interview on Tuesday in Johannesburg. The lender is also being encouraged by guidelines recommending asset managers hire more than one prime broker, Hall said.

Hit the link below to access the complete Bloomberg News article:

Standard Bank Starts Prime Broker to Gain From Hedge Fund Growth

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