ML-Implode News - Giant Hedge Fund Renaissance Has Been Pulling Money Out of Deutsche Bank for Months

Renaissance Technologies, the hedge fund giant that Deutsche Bank AG has counted as one of its largest clients, has been taking money out of its prime brokerage accounts with the German lender over the past few months, according to people familiar with the move.
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Deutsche Bank Chief Executive Officer Christian Sewing is poised to present a sweeping overhaul of the troubled German lender, probably after a supervisory board meeting scheduled for Sunday. The restructuring plan may target the firm's struggling equities business for cuts, which houses the prime brokerage unit that caters specifically to hedge fund clients, people familiar with the matter have said.
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The bank's hedge funds business has been shrinking for years. Through the end of last year, revenue from executing trades and lending securities to hedge funds was down by more than a third from 2015, people with knowledge of the matter told Bloomberg in March. Before that, it was one of the top players in the business, stealing share from the likes of Morgan Stanley and Goldman Sachs Group Inc. when they were reeling in the wake of the financial crisis.

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Giant Hedge Fund Renaissance Has Been Pulling Money Out of Deutsche Bank for Months