| Topic Name: |
Bonus Announcement/Payout |
| Message Name: |
Pick up the Vault S&T book |
| Date Posted: |
02/21/2006 |
| In Reply To: |
You explain to me what it is then. Who do you think goes out and brings in the hedge funds clients (a sales team)? WTF do you think securities lending is? They actually do place trades (I would know since I worked on the securities lending desk at Morgan). If you look at any other company, pb is part of the securities or equity platform. At bear it's so vital to their business that it is a separate division. So actually your right, prime brokerage is not sales & trading, in fact it is actually more important than a lot of the s&t desks because they ensure that the hedge funds use our s&t desks in return for our services (e.g. financing, leverage, funding, etc.) And it's a much more profitable business than say equity s&t because their margins are so razor thin. |
| Message: |
Might be worth a read. Like the 3 pages they talk about pb
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