Barclays Star Trader Quits With Hedge Fund Dreams

Aug 17 2011 | 12:54am ET

A top—and top-paid—trader at Barclays Capital is leaving the firm to launch his own hedge fund.

Todd Edgar, who joined BarCap two years ago with four others on a contract worth up to £30 million from JPMorgan Chase, will now leave. According to the Financial Times, Barclays felt it could not hold on to Edgar or his team under new U.S. rules barring banks from proprietary trading. Nearly a dozen of Edgar’s commodity trading team will join him at the new hedge fund.

Edgar hopes to set the new operation up by the end of the year.

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