To think that in the aftermath of the 2008 financial crisis, some on Wall Street wanted to scale back on their prime brokerage services.

While some did so in the short-term, it became quickly clear that long-term the business would have to grow. Hedge funds loom as one of the bright spots in the financial universe, and all top Wall Street banks know it. The prime brokerage business is as competitive as ever. Still, big funds have some lingering reservations about the top banks, and we're seeing some interesting shifts.

For example, some hedge funds are tuning to custodian banks for more core services, like clearing and collateral management. Prime brokerages have responded by inking deal with various custodian banks. Banks can ill afford to lose hedge funds as clients, so they are being forced to provide more in soft-dollar services.

The New York Times reports that recruiting and high-end staffing services are increasingly becoming the standard. Funds are always on the lookout for talent, and prime brokerages have exploited that need to develop another valuable service.

"Since the financial crisis, Goldman Sachs, Morgan Stanley, Deutsche Bank, Bank of America and others have become powerful recruiting forces for hedge fund." But this has not been without controversy, as conflicts can easily arise, especially if a fund felt an employee were poached somehow by their prime broker. This being Wall Street, the top prime brokers are confident that can manage the conflicts.

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