London-based Dresdner Kleinwort Wasserstein's Prime Brokerage platform has expanded its range of services for hedge fund clients with the launch of its Macro offering.
It can now support funds' trading activities in fixed income, foreign exchange and listed derivative products (including options, CFDs and total return swaps), in addition to the traditional equity space.
A single wrapper infrastructure has also been created for account management, margin netting and consolidated reporting purposes for trading across all instruments.
Martin Keller, Head of DrKW's International Prime Brokerage business, said: "We want to work with hedge fund clients on a management company/multi asset class basis and to deliver an integrated and efficient product in doing so. Regardless of trading strategy, clients can deal with one account manager here - there is no need to access different desks within the bank for any post-trade related aspects. We also provide a one-stop shop from a risk management, funding and data management perspective."
DrKW has already signed a number of Macro Hedge Funds including Arsago, Abraxus and Colchester to its expanded platform and hopes to add more global macro and fixed income funds in due course in addition to offering stock lending, financing and custody services to funds with more traditional equity strategies.
Keller said: "Our diversified approach puts us in a new generation of Prime Brokers. We can cater to hedge funds across the size and strategy spectrum yet at the same time provide a highly client focused service and be flexible to market trends."
Erich Pohl, Global Co-Head of Capital Markets, said: "The investment and substantial coordination effort involved for DrKW to reach this point highlights our overall commitment to the hedge fund community and reflects our desire to grow our franchise within this important client constituency in which Prime Brokerage occupies a central position."
He added: "The comprehensive offering of our Prime Brokerage platform will position us well to assist hedge funds in Germany as this market opens up from next year."
DrKW launched its Prime Brokerage platform in July 2002 and now offers services across all asset classes from traditional Equity Prime Brokerage to Fixed Income, FX and Listed Products. It has a 25 strong dedicated Prime Brokerage team and already works with over 25 single manager and fund-of-fund clients of various sizes and strategies. The core package of services provided by DrKW's Prime Brokerage unit includes: margin lending/portfolio financing; securities lending; custody services; account risk/margin management; execution and consolidated reporting; and cross margining.
copyright hedgeweek 2003