UBS is seeking to break into the top four global prime brokers by revenue as it accelerates its push to win hedge fund clients, supported by strong growth in its equities and financing businesses and momentum from its acquisition of Credit Suisse, according to report by Financial News London.
The Swiss bank, currently the fifth-largest provider of prime services, is targeting further expansion on Wall Street and internationally as demand for financing, securities lending and execution continues to rise alongside the growth of the hedge fund industry. Prime brokerage revenues across the banking sector are expected to reach record levels this year, driven by elevated market activity and the proliferation of large, multi-strategy hedge funds.
UBS’s equities-led prime services division grew 27% year-on-year to $2bn in the first nine months of 2025, while client balances have risen for six consecutive quarters, according to executives. Jason Barron, UBS’s head of global markets, said the bank is increasingly viewed by hedge fund managers as a core prime brokerage partner alongside the largest US banks.
A key focus for UBS has been winning business from large US hedge funds expanding overseas, as well as regaining relationships with clients that were previously served by Credit Suisse. UBS completed its acquisition of its domestic rival in 2023, inheriting a broad markets franchise in the US that has helped unlock new growth opportunities.
Natalie Horton, UBS’s New York-based head of global markets financing, said the integration of Credit Suisse’s platform had enabled the bank to broaden its reach across the US hedge fund community. She added that UBS has posted record results in prime brokerage in recent years, with balances now at all-time highs, supported by both new fund launches and relationships with managers it had not previously covered.
Credit Suisse exited prime brokerage following losses linked to the collapse of Archegos Capital Management in 2021, which led to heightened regulatory scrutiny of the sector. UBS has since conducted what it describes as a “win-back campaign” to re-establish ties with former Credit Suisse hedge fund clients.
UBS is positioning its global footprint as a key differentiator, particularly for hedge funds with ambitions beyond the US. Barron said the bank is focused on capturing global mandates rather than purely domestic business, noting that many large US hedge funds are now building out operations in Europe and Asia-Pacific.
The push comes as competition intensifies between European lenders and their larger US rivals for a share of the expanding prime brokerage market. According to estimates from Crisil Coalition Greenwich, banks are expected to generate $32.7bn in combined prime services revenue in 2025, marking a record year for the industry.
