Inside BGC’s quiet move into agency broking

The rise of the multi-manager hedge funds in recent years has coincided with a well-documented ‘brain drain’ of experienced sell-side staff to the buy side. As the story goes, this has left smaller numbers of juniorised staff at the dealers to cover the surge in the number of portfolio managers, who act as mini-hedge funds in their own right and increasingly need individual coverage.

This has left a gap in the market for agency brokers that can service those portfolio managers, and provide them