A Barclays trading team that’s leaving this year to start a quantitative investment firm will take 60 bank employees with them, adding to Wall Street’s migration to the $2.8 trillion hedge-fund industry.
Bloomberg News reports Olivier Durantel, Gregoire Schneider, Antoine Fillet and Maxime Fortin of the British bank’s nQuants unit will form the venture, according to a person with knowledge of the plans, who asked not to be identified because the information is private.
The firm, which hasn’t yet been named, will use algorithms to trade mainly equities and other liquid securities globally.
Barclays CEO Antony Jenkins signaled last year that the bank would exit businesses that don’t interact with clients. NQuants, originally started by Lehman Brothers, has been pooled within Barclays among non-core businesses and assets the bank plans to sell or wind down under a reorganization announced in May, according to the person.
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