WEST PALM BEACH, FL (HEDGECO.NET) – Credit Suisse First Boston is planning to increase its hedge fund operations significantly, according to a Reuters news report. The company will increase its hedgefund clients by about 50% over the next three years. According to Phillip Vasan, head of Global Prime Services at CFSB, the firm will increase its hedge fund servicing operations, hoping to grow withthe hedge fund industry. Vasan said, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdCSFB aims to be world-class in providing essential services to hedge funds, from prime brokerage to securities lending, and to distinguish ourselves…\u00c3\u00af\u00c2\u00bf\u00c2\u00bd<\/p>\n
Currently CSFB\u00c3\u00af\u00c2\u00bf\u00c2\u00bds hedge fund operations lag behind other brokerage firms such as Goldman Sachs, Morgan Stanley, and Bear Sterns. According to Vasan, CSFB will focus on Europe, where the company has \u00c3\u00af\u00c2\u00bf\u00c2\u00bdlarge book of hard-to-borrow securities.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd Vasan cited other advantages such as the new agreement with the largest pension scheme in the United States, the California Public Employees Pension System (Calpers). Such an arrangement would grant CFSB the exclusive right to borrow up to $50 billion of stock from CalPers.<\/p>\n
Vasan further said, “We believe we can achieve a unique identity as the best banker to the hedge fund community.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd To accomplish this task, CSFB will increase its staff in the arena of prime services by up to 10%, according to Vasan. Although this objective would not come easy, some market analysts think CFSB has a good chance of accomplishing this goal.<\/p>\n
The president of Quality Manager Consultants LLC, Marc Rosenberg said, “It’s a very competitive arena but I think CSFB probably will be able to break in. It’s still a relationship game in terms of the stock loan desk, and I think that CSFB is strong enough to be very competitive.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd<\/p>\n
CSFB is the investment-banking arm of Switzerland based Credit Suisse Group. It is a leading global investment bank serving institutional, corporate, government and high net worth clients. CSFB’s businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, and asset management. The firm operates in more than 69 locations, across more than 34 countries, on five continents.<\/p>\n
Paul Oranika
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HedgeCo.Net
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