GLG Partners, a mutual and hedge fund management spin-off from Lehman Brothers, is understood to have recently opened accounts with two new prime brokers, Deutsche Bank and Goldman Sachs.

Many believe that the appointment of two new prime brokers is a back-up plan because GLG is hiring a three-strong team from Morgan Stanley's prime brokerage unit in London to build a separate fund-of-hedge-funds business (eFinancialnews, May 30).