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Credit Suisse Strikes Deal To Refer Hedge Fund Clients To Bnp Paribas

by reuters.com posted 2weeks ago 3 views
ZURICH (Reuters) -Credit Suisse said on Monday it had struck a deal to refer hedge fund clients to rival BNP Paribas following the Swiss lender’s decision to exit prime broking and some derivatives businesses in the wake of the Archegos scandal. The news comes after Switzerland’s second-biggest bank said last week it would all but stop funding hedge funds by shutting most of its prime brokerage business, a division blamed for racking up $5.5 billion in losses when investment fund Archegos Capital Investment defaulted in March.

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