Banking: Daiwa to Sell Prime Broker to ScotiaBank

“Japan’s Daiwa Securities Group said it would sell a prime brokerage business serving hedge funds to Canada’s Bank of Nova Scotia as part of a restructuring of its ailing overseas operations.

Daiwa said it would sell its synthetic prime brokerage arm, which is engaged in helping hedge funds apply leverage to their trading strategies by using share swaps and other means, to Bank of Nova Scotia for an undisclosed sum.

The business has about 40 staff, the majority of which are based in London. It also has desks in Hong Kong and New York.”

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