A Barclays exiting trading team is reportedly taking with it 60 employees to launch a quantitative investment firm.
The new firm, which is yet to be named, includes Olivier Durantel, Gregoire Schneider, Antoine Fillet and Maxime Fortin, who are departing this year from the bank’s nQuants unit.
The new firm will use algorithms to trade mainly equities and other liquid securities globally.
As part of a restructuring plan, Barclays planned to sell its nQuants team in May, which was formed at Lehman Brothers in 2000, and also cut 7,000 jobs to boost returns.
The publication reported that Barclays will not invest or take an ownership stake in the new hedge fund.
Marc Hazelton, a spokesman for Barclays, and Durantel did not comment on the exodus and the new firm’s plans.
The departure of quant traders comes amid regulations such as the Volcker Rule in the US that has impelled firms to reduce proprietary trading.