2012-04-17reuters.com

To found a start-up, managers need enough to cover costs and attract big investors wary of the smaller firms.

But only 17 percent of investors were ready to provide the seed capital that new funds need in 2011 compared to 53 percent in 2002, according to a survey by Deutsche Bank.

... big-name firms such as Brevan Howard, Winton or BlueCrest have come to dominate the industry.

"We're working with extremely well-known teams who are looking to slot into existing firms," said James Orme-Smith, co-head of prime brokerage sales for the region at Bank of America Merrill Lynch. "They're happy to take economic share, as opposed to starting up on their own fund with 100 percent."



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