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Deutsche Bank Lures Hedge-Fund Money as Credit Concern Abates

  • Prime broker growth seen; revenue flat even with tough markets
  • Cryan says bank reassured clients on counterparty risk

Deutsche Bank AG said hedge funds are parking more money at its prime brokerage, even amid difficult markets, as the German lender has reassured investors of its worthiness as a counterparty.

Prime finance was “supported by higher client financing revenues due to increased client balances,” with flat overall income due to tough market conditions, the bank said in a statement Thursday, as it reported a surprise first-quarter profit.