05/07/2014

Leadership Churn Continues at Barclays

Barclays’ prime-brokerage chief has resigned.

Longtime bank executive John Stathis gave notice last week, and is expected to leave his New York post at the end of this month. His destination is unknown, and there’s no word on who might replace him.

Stathis’ exit continues a period of turnover at the top of Barclays’ prime-brokerage team. Ajay Nagpal stepped aside as group head in early 2013 amid plans to become chief operating officer at Izzy Englander’s Millennium Management. That opened the door for Harry Harrison to take over as part of a broader promotion that placed him in charge of several businesses. But Harrison handed over control of the prime-brokerage group to Stathis last August — while remaining Stathis’ boss.

At the time of Stathis’ appointment, Barclays directed him to lead an expansion of its prime-brokerage presence. That could explain why the bank counted 369 SEC-registered fund managers among its clients at the end of the first quarter, up from 315 a year earlier and 280 a year before that, according to Hedge Fund Alert’s Manager Database (see ranking on Page 6).

That said, Barclays finished the first quarter with the ninth-largest client list among its peers — unchanged from a year earlier and only one slot higher than it ranked in 2012. One source added that bank executives now plan operational changes in response to disappointing first-quarter results, perhaps helping to explain Stathis’ sudden exit. “You’re going to see a lot of restructuring, combining of businesses,” the source said.

Barclays dismissed five staffers from its prime-brokerage and capital-introduction teams earlier this year, apparently as part of an annual culling of those groups.

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