Merrill boosts prime brokerage

Merrill Lynch boosted its hedge fund clientele by 50% in a year and is targeting multi-strategy funds seeking to do business with more than one prime broker, managing director Jeff Penney said, reports Bloomberg. Merrill, the biggest US brokerage, aims to benefit as hedge funds move away from relying on a single prime brokerage. After Bear Stearns’ collapse last week, Merrill fielded calls from more than 20 hedge funds in three days looking to do business, said Penney.