Wall Street banks are expanding their use of complex risk transfer deals to offload exposure from prime brokerage divisions, freeing up cash to lend to hedge funds in pursuit of a bigger share of a booming market.
Morgan Stanley last year struck a deal with Blackstone to transfer a portion of the risk on loans made by the bank’s prime brokerage unit and release capital for more lending, people familiar with the transaction said.
The deal, which required Morgan Stanley to retain a portion of the risk, provided the US investment bank regulatory capital relief and gave the unit responsible for lending to hedge funds added firepower.
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