US broker StoneX is stepping up efforts to win hedge fund clients in London, as bulge-bracket banks increasingly scale back services to smaller managers, according to a report by Financial News London.
Chief executive Philip Smith said that funds managing $1.5bn–$2bn or less have been particularly neglected — a gap StoneX now aims to fill through its expanding prime-services unit.
Prime brokerage has become one of the most competitive areas of the hedge-fund ecosystem, fuelled by rising equity markets and the expansion of multi-strategy platforms.
StoneX employs almost 800 staff in London and roughly 6,000 globally.
