Prime Broker Leaderboard - Q1 2025

May 8, 2025

Snapshot

  • Morgan Stanley and JPMorgan Chase led this quarter with 226 and 210 fund additions, respectively.
  • Goldman Sachs had the most churn: 219 fund removals, partially offset by 176 new additions.
  • In Firms with $100B+ in AUM serviced, Goldman Sachs, Morgan Stanley, and Citigroup maintained strong dominance.
  • Interactive Brokers and Bank of America rounded out the top five in new fund wins, with 153 and 135 additions respectively.

 

Q1 2025 - Prime Broker leaderboard

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Top 10 Prime Brokers by Total AUM of Firms Serviced

Prime Broker Leaderboard

 

Top 5 Prime Brokers by Net Fund Additions

Prime - net fund addition

JPMorgan Chase & reported a higher level of client activity, especially in equity-related products.

 

Top 5 Prime Brokers by Fund Removals

prime - funds removed

This level of turnover underscores increasing competitiveness in the space—particularly among large institutions reassessing counterparty exposure, tech stack compatibility, and regulatory support.

 

Top Prime Brokers by Increase in AUM 

Prime - Increase in AUM

 

Growth with Net AUM Decline

Several prime brokers added new firms in Q1 2025 but still experienced a net decline in regulatory AUM, suggesting the loss of large institutional clients or ongoing de-risking.

firms added-lost

Drop in AUM

These declines indicate that while client acquisition remains strong, retaining top-tier clients remains a key challenge. Losing a few billion-dollar relationships can erase the impact of many smaller wins.

 

Emerging Brokers to Monitor

Emerging Prime Broker

While these aren’t large players in terms of relationships, their growing institutional footprint is notable.

 

Why This Matters for Prime Brokers?

  • Benchmark your client acquisition and retention against competitors
  • Identify which funds moved, where they went, and why
  • Uncover trends in AUM shifts, client tier changes, and boutique encroachment
  • Map out competitor wins — and respond strategically

 

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About the Author

Radient AI

Radient applies cutting-edge technology to dramatically simplify asset management workflows around investment decisions, due diligence, process automation and industry research. It combines financial data acquisition, risk-based investment analytics, portfolio construction, with tailored investment insights and recommendations.