Barclays is losing more staff.
According to a report in the Wall Street Journal, several executives in Barclays hedge-fund financing unit are leaving to join other firms, the latest sign of churn in global prime-brokerage ranks as banks realign their businesses under new regulatory constraints.
This follows an earlier report by Monday by Traders that it was losing staff to Bank of America Merrill Lynch as that bank looks to rebuild its U.S. and U.K equities groups.
The Journal reported that Mark Bailey, the global head of treasury for Barclays’s equity-financing business, is joining trading-firm giant Two Sigma Investments LLC, according to people familiar with his plans. Bailey, a managing director based in New York, joined Barclays in 2011 from Bank of America Corp.’s Merrill Lynch unit. He didn’t respond to the paper’s requests for comment.
Bailey will oversee financing and broking relationships with banks, starting in August, according to people familiar with the move to Two Sigma. He’ll report to Jonathan Hitchon, Two Sigma’s chief operating officer and a former senior prime-brokerage executive at Deutsche Bank AG.
In London, Michael Brian is leaving as Barclays’ European head of prime brokerage sales and client services, people briefed on his plans told the Wall Street Journal. Brian and James Sixsmith, a client-services director in the same business, have told colleagues they’re joining another bank, the people said. Brian declined to comment and Sixsmith didn’t respond to requests for comment.
Also of note, Barclay’s former markets chief, Eric Felder, who left the bank in April, is joining Illinois-based hedge fund Magnetar Capital LLC. Magnetar manages $13.6 billion in assets.
