Strong year for hedge funds drives big gains for Wall Street's prime brokerage engine

Core Insights - Wall Street's largest banks experienced significant growth in their prime brokerage units last year, driven by substantial fees earned from lending to major multi-strategy hedge funds [1] Group 1: Financial Performance - The prime brokerage units of major banks generated handsome fees, indicating a strong performance in a volatile financial market [1] - Multi-strategy hedge funds successfully navigated market volatility, leading to robust returns that benefited the banks [1]