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Barclays has poached a rates portfolio manager from BlackRock for MD role

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Barclays has continued the build out of its markets business with another senior hire from the buy-side.

Adam Glossop, who has spent the past 12 years as a rates portfolio manager at BlackRock, has just joined Barclays as a managing director on its rates trading team in London. This is a return to the sell-side for Glossop, who joined BlackRock from Citigroup where he was a rates trader in 2005.

Barclays has been hiring senior rates traders across both London and New York, and many have returned from the buy-side to take up the role. Chris Leonard joined as a managing director and head of U.S. rates trading in June from his own hedge fund, and as we reported in August he’s been bringing in staff lower down the ladder.

Eric Childs, a former managing director in rates trading at J.P. Morgan who has spent the past four years at Bluecrest Capital Management is set to join Barclays as head of U.S. dollar swaps.

In London, investment banks are hiring senior traders within their rates business again, while the focus state-side has been bringing in credit traders.

As we reported this week, HSBC has taken on Maxim Safonov, the former head of global markets at Russian bank Sberbank CIB, as a managing director within its rates business.

Rates revenues in large investment banks are still fluctuating, and the $13bn in revenues the top 12 banks generated in the first half of 2017 is down 6% on last year, according to research from Coalition. However, this figure is still higher than the past three years and banks have bitten the bullet on new hires.

Barclays’ macro trading revenues were down 20% in the first half of 2017 to £946m.

Contact for news, tips and comments: pclarke@efinancialcareers.com

Image: Getty Images

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