The head of Barclays' prime broking business has left the bank to join a New York-based hedge fund firm.
Financial Times reported that Ajay Nagpal is expected to join Millennium Management in July as chief operating officer. Barclays has not yet hired a replacement for Nagpal.
Nagpal is the latest trader to leave the investment banking industry due to the passage of the Volcker Rule, which prohibits banks from making speculative investments that do not benefit their clients.
Run by former Lehman Brothers executive Israel “Izzy” Englander, Millennium manages about $18 billion in assets.