Prime positioning at BNP Paribas
NEW YORK - BNP Paribas is thought to be in the process of hiring the FX prime brokerage team of troubled insurance giant AIG, in what signals an opportunistic entry into the FX prime brokerage market.
It is believed an eight-strong team, headed by Joe Buthorn, global head of prime brokerage at AIG, will form a new FX prime brokerage unit at BNP Paribas. According to a market source, BNP Paribas is making the move into prime brokerage to take advantage of the industry gap.
The source said AIG has
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