Wells Fargo took its first step into prime brokerage on Friday, agreeing to buy the midsize Merlin Securities.
The deal makes Wells Fargo the last of the nation’s biggest banks to enter the lucrative prime brokerage field, which caters to hedge funds and other alternative asset management firms. Hedge funds often rely on prime brokers to manage their cash, execute their leveraged trades and lend securities so they can short sell.
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