The credit crunch has left a deep mark on the prime brokerage industry. The disappearance of Lehman Brothers and the declining fortunes of other top participants have forced a shift of power in the past year.

The business continues to be dominated by a handful of banks though the ranking of the top participants looks very different from last year, with JP Morgan being the biggest winner over the past 12 months, following its acquisition of Bear Stearns' equity prime brokerage business.