Barclays' 27-year-old new whale trader has made a huge splash
As we have reported, Barclays has several new rates traders in London and they have interesting if unofficial names.
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There is Mark the Whale Wade, aged only 27 who just joined from Nomura. There is Italian stallion Julian Ercole who just joined after an outing to hedge fund Point72. There is Graham Bates from Capula and JPMorgan, who is also known as G-Unit and whose arrival is thought to have sparked a run of G-Unit trainer purchases for Barclays to send to clients; they are now sold out.
So far, though, it's Wade who appears to be having the best week. Barclays declined to comment for this article and Wade didn't respond to a request to comment, but multiple sources say Wade had a huge day yesterday even if hedge funds didn't.
The extent of the hugeness is not known but we understand that it was related to the Bank of England's decision to increase the interest rate to 4%. Wade called it right and is thought to have had a "monster" day.
This is good news for Barclays, whose European rates traders underperformed in the third quarter and which recently lost head of European rates Hamza Hoummady.
The only fly in this ointment may be competition between Barclays' three new big beasts. In a move that is thought to have annoyed its rates traders, Barclays reportedly redirected capital to its Asia prime broking business in the third quarter. The three new macro traders, are understood to be competing for the remaining pool. Ercole and rates sales star Puni Rajah are thought to be making their own ripples, but it's the 27-year-old whale that is currently causing the biggest displacement of water there.
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