Barclays Sets Up New Desks To Grab Hedge Fund Biz

Investment banks are reaping huge rewards from the performance of in-house hedge funds, and Barclays Capital wants a piece of the action. The bank is setting up two new proprietary credit derivatives trading desks, in New York and London, which will invest the bank’s own capital, acting as a pair of internal hedge funds, independent from one another. The Times of London reports that the London desk will include Rupesh Tailor, who last year earned $25 million for the bank, and the New York group counts Kevin Roach, formerly of Pequot Capital Management, among its team members.