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When Prime Brokers Fail: The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry Manufacturer: Bloomberg Press List price: $49.95 |
| When Prime Brokers Fail is a detailed look at the relationship between hedge funds and their brokerages and the risks multiplied in extraordinary markets. This relationship has been the source of unexpected risk for banks lending to highly leveraged funds, as well as funds with assets atstruggling banks. |
When Prime Brokers Fail: The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry
Customer Reviews / When Prime Brokers Fail: The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry
| Aikman does a great job in giving the readers a thorough lay of the land of prime brokers and hedge funds. The book is a must read for both practitioners and those interested in understanding what really happened in the world of finance when the crisis hit. |
| Up until now, the books I've read on this topic have fallen into three
categories: 1) hastily assembled collections of other articles/quotes that did not explain the circumstances of the market failure; 2) finger-pointing at certain banks/agencies by industry outsiders 3) Insider narratives that, while entertaining, focus a bit too much on dishing dirt rather than a clever look at what actually happened to the industry as a whole. It's clear this particular author has done his homework and has worked in the business. It is entertaining to someone experienced in the industry but should be easy enough to follow for someone not familiar with hedgefunds/prime brokerage. It does spend sometime in the first chapters outlining the typical brokerage structure, but the majority of the book is devoted to an advanced analysis, connecting all the pieces that led to a time period which I think will be remembered as more transformative than tragic The author gives his take on what he believes to be the relevant catalysts and clear correlation with the events we have seen and have yet to encounter and of particular interest, lays out ideas that make for a great discussion on what could have been prevented, what we'll see next, and whether it could all happen again. It's a relief to see a book which strikes the balance between being intelligent and approachable. In particular, if you are applying for an analyst/associate role in the business, I would suggest you read through this book as it contains the knowledge of the business that a hiring manager would expect beyond your core quantitative knowledge. It will take you weeks to assemble the info contained in the book from the web, other books or industry folks, and you'll probably fall short of Aikman's ability to present it well-this book will clearly be a much better use of your time and money. |
| An excellent read and should be a primer for those looking to understand the nuances in prime brokerage. Aikman skillfully explores the dynamics within the industry against various industry shifts and touches on some creative, insightful conclusions. He is a talented writer and I would be very interested in reading future work from him considering this is his first foray into the medium. |
When Prime Brokers Fail: The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry
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