When Prime Brokers Fail: The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry Bloomberg
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Product Features
- ISBN13: 9781576603550
- Condition: New
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Editorial Reviews
Product Description
An informative primer on the new landscape of leading prime brokers
Before the recent financial crisis, both regulators and market participants disregarded the complex and dangerous nature of the relationship between prime brokers (the banks) and their clients (the funds). In When Prime Brokers Fail, J. S. Aikman examines the convoluted structure of this relationship, the main participants, and the impact of the near collapse of prime brokerages on the financial world.
Filled with in-depth insights and expert advice, When Prime Brokers Fail takes a close look at the unheeded risks of prime finance and lays out the steps required for managers to protect their funds and bankers to protect their brokerages.
- Examines the challenges, trends, and risks within the prime brokerage space
- Discusses the structural adjustments firms will need to make to avoid similar disasters
- Analyzes the complex relationship between hedge funds and their brokerages and the risks that multiply in extraordinary markets
- Covers new ways to manage an inherently risky business and the regulations that may soon be introduced into this arena
Engaging and informative, this timely book details the intricacies and interdependencies of prime brokerages and the role that these operations play in our increasingly dynamic financial system.
Customer Reviews
mzdravkov Said: A Must Read ( Jul. 22nd 2010 )
Aikman does a great job in giving the readers a thorough lay of the land of prime brokers and hedge funds. The book is a must read for both practitioners and those interested in understanding what really happened in the world of finance when the crisis hit.
jsubra Said: Best book I've found on the financial meltdown.... ( Jul. 19th 2010 )
Up until now, the books I've read on this topic have fallen into three
categories: 1) hastily assembled collections of other articles/quotes
that did not explain the circumstances of the market failure; 2)
finger-pointing at certain banks/agencies by industry outsiders 3)
Insider narratives that, while entertaining, focus a bit too much on
dishing dirt rather than a clever look at what actually happened to
the industry as a whole.
It's clear this particular author has done his homework and has worked
in the business. It is entertaining to someone experienced in the
industry but should be easy enough to follow for someone not familiar
with hedgefunds/prime brokerage. It does spend sometime in the first
chapters outlining the typical brokerage structure, but the majority
of the book is devoted to an advanced analysis, connecting all the
pieces that led to a time period which I think will be remembered as
more transformative than tragic
The author gives his take on what he believes to be the relevant
catalysts and clear correlation with the events we have seen and have
yet to encounter and of particular interest, lays out ideas that make
for a great discussion on what could have been prevented, what we'll
see next, and whether it could all happen again.
It's a relief to see a book which strikes the balance between being
intelligent and approachable. In particular, if you are applying for
an analyst/associate role in the business, I would suggest you read
through this book as it contains the knowledge of the business that a
hiring manager would expect beyond your core quantitative knowledge.
It will take you weeks to assemble the info contained in the book from
the web, other books or industry folks, and you'll probably fall short
of Aikman's ability to present it well-this book will clearly be a
much better use of your time and money.
nmera Said: The definitive work on Prime Brokers ( Jul. 5th 2010 )
An excellent read and should be a primer for those looking to understand the nuances in prime brokerage. Aikman skillfully explores the dynamics within the industry against various industry shifts and touches on some creative, insightful conclusions. He is a talented writer and I would be very interested in reading future work from him considering this is his first foray into the medium.