Nedbank Pulls Plug on Prime Broker as Hedge Funds Stay Away

  • Late start hurt ability to lure alternative investment clients
  • Peregrine, RMB, Deutsche Bank, Barclays' Absa dominate market

Nedbank Group Ltd. canceled plans to run a prime brokerage after failing to attract hedge-fund clients, said John Chemaly, head of global markets at the South African bank controlled by Old Mutual Plc.

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