A survey has revealed that Credit Suisse  has overtaken Morgan Stanley as the second largest prime broker in Asia’s $148 billion hedge funds industry.

Credit Suisse gained $2.4 billion in assets over the last year along with 14 new clients, a new record for any prime broker in Asia.

Goldman Sachs retains the top spot with 179 clients and total assets under management of $24.6 billion.

What is a prime broker?

Prime brokerage is a very competitive area of the finance industry. Prime brokers provide services to hedge funds and other large professional investors that need to borrow money or securities for their investments. Services include cash management, producing regular account statements, and providing custody for assets.

Deutsche Bank and UBS maintained their positions as No. 4 and No. 5 largest brokers in the region.

Read the full story on the Reuters website. or find out more about areas of work in banking.

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