Barclays Capital plans to hire an agencies strategist for its New York-based derivatives operation. It expects to have the position filled by early next year, said Brad Stone, head of U.S. fixed income marketing and derivatives strategy. It is a new position being created to meet the burgeoning U.S. agencies market, which Stone noted is increasingly becoming a large part of the U.S. high-grade market. He said the agencies business has nearly doubled over the last four years. "We feel it will require a full-time strategist," he added.
The new hire would report to Stone, who Barclays hired from Goldman Sachs about two months ago and has been handling agencies strategy as well as derivatives strategy. Stone said he plans to begin crafting and distributing trading strategies to bank clients this week.
