Barclays turns to hedge fund manager to lead US rates trading

Barclays has hired Chris Leonard, a founder of two New York-based hedge funds, to lead its US rates trading team.

Barclays has appointed a former hedge fund manager to lead its US rates trading team, as the bank looks to fill the void left by its US fixed income veteran Michael Yarian.

Chris Leonard joins the bank from Arcem Capital, a New York-based global macro and fixed income hedge fund he founded in 2012.

The fund employed G10 FX and interest rate strategies, raising more than $600 million in its first year of operations.

Leonard was also a partner and co-founder of Alphadyne Asset Management, another global macro and fixed income hedge fund, which saw its assets under management rise to $2 billion during his time there.

“Chris’s hire is intended to accelerate our progress in US Rates, helping us optimise commercial risk, build closer partnerships with our clients and grow revenues and market share,” said Nat Tyce, co-head of macro products, Barclays.

The appointment of Leonard will fill the gap left by Michael Yarian, the bank’s previous head of rates and local markets trading for US and Europe, who left to join HSBC as head of US fixed income trading last year.

Yarian previously served a number of managerial roles within Barclays global rates trading and derivatives businesses.