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Jamie Dimon wins again: prime brokerage stampede out of Morgan Stanley and Goldman Sachs is JP Morgan's gain

With all of the heightened fears over the stability of financial stalwarts like Morgan Stanley and Goldman Sachs in the last few days, scared hedge fund clients have been yanking their funds for more players deemed more secure.  That's played directly into the hands of Jamie Dimon's and JP Morgan who fortuitously picked up Bear Stearn's prime broker business when they swallowed that firm.  They've been seeing  inflows of "billions of dollars a day" -- so much cash that its even caused a bottleneck in setting up new accounts.  Other firms like Deutsche Bank, BNP Paribas, Citigroup and Credit Suisse are also seeing a surge of new money.
Funds Flee Morgan, Goldman for JP Morgan - NY Post

September 19, 2008 in Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Hedge funds, Jamie Dimon, JPM Chase, Morgan Stanley | | Comments (0)

More hedge fund problems, this time from BNP Paribas

The subprime flu continues to spread.  This morning BNP Paribas disclosed that it's halted withdrawals from three funds because it couldn't "fairly" put a value on their holdings:

The funds had about 2 billion euros ($2.76 billion) of assets on July 27, including 700 million euros in subprime loans rated AA or higher. The Paris-based bank said today that it will stop calculating the net asset value for the funds, Parvest Dynamic ABS, BNP Paribas ABS Euribor and BNP Paribas ABS Eonia.

``The complete evaporation of liquidity in certain market segments of the U.S. securitization market has made it impossible to value certain assets fairly regardless of their quality or credit rating,'' BNP Paribas said in the statement.

``For some of the securities there are just no prices,'' Alain Papiasse, head of BNP Paribas's asset management and services division, said in an interview. ``As there are no prices, we can't calculate the value of the funds.''

BNP Paribas Freezes Funds as Loan Losses Roil Markets - Bloomberg

Continue reading "More hedge fund problems, this time from BNP Paribas" »

August 09, 2007 in BNP Paribas, Subprime mortgages | | Comments (0)