Hedge funds are tricky customers for banks. They can trade complex instruments in big size, with little notice. They put multiple banks in competition at once, making it hard for dealers to profit from trade flow.
And the growth of multi-manager funds, the likes of Citadel, Millennium, Point72 and Balyasny, has swelled the ranks of portfolio managers on the buy side, bringing new challenges for banks.
First, how to service more clients without the extra expense of hiring new staff. Second, how to
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