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Alternative Market Briefing

Saxo Prime launched to prime broke small to medium sized hedge funds

Tuesday, April 16, 2013

By Beverly Chandler, Opalesque London:

Torben Kaaber, CEO of Saxo Capital Markets UK is looking for small to medium sized hedge funds who want prime brokerage services. "We have optimised our platform and updated the whole infrastructure so we can cater for the segment below the big hedge funds with our multi product offering" Kaaber says. "Smaller hedge funds can do everything with us rather than using four or five banks – it is cheaper and the big banks don’t want that middle segment as they are too small to be profitable for them."

So far interest in Saxo Prime has been encouraging, particularly from the UK and Singapore, despite the financial climate. "I think there are a lot of people who used to work in the big banks that have done stuff like this for many years" Kaaber says. "They are leaving the banks and setting up hedge funds – there are probably more now than there used to be."

By the first quarter of next year, Kaaber is confident that they will be offering a full suite of services, including marketing, funding and back end support. "The solution is being built on all the time" he says.

Saxo Bank launched in 1993 in Denmark as a brokerage, advanced to a broker dealer in 1996 and to a fully licenced bank in 2001. After that step, the bank has grown every year. It may have started with an FX background, and launched an FX platform in 1995......................

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