Bloomberg – Stuart Gulliver, HSBC Holdings Plc\u2019s investment banking chief, said he sees a \u201csignificant opportunity\u201d to boost revenue from hedge funds after Lehman Brothers Holdings Inc.\u2019s collapse last year.<\/p>\n
\u201cWe\u2019ve seen a number of hedge funds moving their accounts to HSBC because their main concern is getting their money back,\u201d Gulliver, HSBC\u2019s head of global banking and markets unit, told investors at a Nomura Holdings Inc. conference in London today. \u201cWe can give people leverage in a segregated account, so they don\u2019t have the operational risk that came out when Lehman Brothers failed.\u201d<\/p>\n
About 700 clients of Lehman\u2019s European division, including MKM Longboat Capital Advisors LLP and GLG Partners Inc., lost control of assets when the investment bank filed the biggest bankruptcy in U.S. history last year. PricewaterhouseCoopers LLP, Lehman\u2019s U.K. administrator, said last month it may take a decade to distribute $9 billion owed to creditors.<\/p>\n