Prime Brokerage – SEB sees surge of hedge fund business, has Eur64m exposure to Lehman, One thousand hedge funds scramble for new prime brokers, Funds try to lose ties to Lehman, BNP Paribas completes acquisition of Bank of America`s equity prime brokerage business, Bank of America`s purchase of Merrill`s brokerage will make it the world`s largest brokerage, investment advisers persuaded to stay
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Opalesque Exclusive: SEB sees surge of hedge fund business, has Eur64m exposure to Lehman
By Benedicte Gravrand, Opalesque London: With the collapse of Lehman, Morgan Stanley losing a third of its prime brokerage assets, and other prime brokers suffering losses, some are ripping the benefits.
Among them is SEB, which has seen a sudden surge of assets from hedge funds of late. Opalesque learned at yesterday’s SEB Enskilda Nordic Hedge Fund conference in London that a lot of them, who may have had just a small part of their business allocated to SEB (such as 5%), have increased their holdings by several folds. SEB’s exposure to the credit crisis has been minimal so far. Corporate website: Source
SEB's exposure towards Lehman Brothers
SEB's own total credit exposure towards the Lehman Brothers Group, which parent company today filed for bankruptcy protection, amounts to EUR 64 million (US$89m) at current foreign exchange and market levels. No part of the exposure is related to shares or subordinated debt issued by Lehman Brothers.
SEB is a North European financial group offering universal banking services in Sweden, Germany and the Baltic countries. It also has local presence in the other Nordic countries, Poland, Ukraine and Russia and a global presence in another ten countries. On 30 June 2008, the Group's total assets amounted to SEK 2,...................... To view our full article Click here
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