Dresdner Kleinwort came late to the prime brokerage game, launching in 2001, and soon recognised that its relationships with clients were unlikely to be monogamous. "At DKIB we've taken a view that most of our clients will be using multiple prime brokers and we have built an infrastructure that is very hedge fund user-friendly," says Jesper Bang, head of prime brokerage at the bank.

Industry participants ascribe various reasons for this decision to move to a multiple prime model.