The Sweet Hereafter for Prime Brokers

Banks and boutiques are scrambling for a slice of the shrunken prime brokerage pie.


Last spring, as a wounded Bear Stearns Cos. fell into the arms of JPMorgan Chase & Co., hedge fund manager Lee Ainslie III sprang into action. Like most of the former Tiger cubs who came of age under the tutelage of renowned global macro manager Julian Robertson Jr.,

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