Situational Awareness has brought on Clear Street as a prime broker, people with knowledge of the arrangement said. The Financial Times was first to flag the tie-up. When asked, both firms chose not to provide a comment.
This new relationship follows a tumultuous stretch for Leopold Aschenbrenner's fund. Earlier this year, highly leveraged wagers tied to AI put the firm on the brink, and a rapid selloff across its public technology holdings led banks to seek ever more collateral on its trades.
Amid the turmoil, Aschenbrenner coordinated with his then prime brokers - among them Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co. - to reduce exposure. He also struck an agreement with Ken Griffin's Citadel to shed most of the fund's portfolio of publicly traded stocks.
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The fund has returned to trading options, CNBC reported Friday. If you hold similar tech names, this is one more signal to keep an eye on market liquidity and positioning around AI-linked trades.
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