Key Takeaways
- • Owen Coughlan, former head of Euro Swaps trading at NatWest Markets (13.5 years tenure), has joined Barclays' Paris office as a euro rates trader, continuing a trend of bank-to-hedge fund-to-bank career transitions among senior rates traders.
- • Coughlan's hedge fund tenure was brief: he spent less than one year at Eisler Capital before moving to Brevan Howard in March 2023, then exited as part of a pod dissolution in early 2024 focused on training junior talent.
- • The hiring reflects Barclays' ongoing Paris expansion; Bloomberg reported in May 2023 that Barclays planned to hire 200 additional people in Paris by 2026, growing headcount from 300 to 500.
- • Barclays and Brevan Howard are both actively recruiting rates traders from the institutional market, signaling continued competition for senior talent in European fixed income despite recent market volatility.
Summary
Owen Coughlan has resurfaced at Barclays' Paris office as a euro rates trader after a brief venture into hedge fund management. Coughlan, who spent 13.5 years as head of Euro Swaps trading at NatWest Markets, departed the bank in February 2022 and initially joined Eisler Capital as a portfolio manager before transitioning to Brevan Howard in March 2023.
His time at Brevan Howard appears to have been limited. Coughlan exited the hedge fund earlier in 2024 as part of a broader dissolution of a London-based pod that specialized in training junior talent. That pod was operated by Kostas Pantazopoulos, a former Goldman Sachs partner. Neither Brevan Howard nor Coughlan provided comment on the circumstances of his departure.
The hiring move underscores Barclays' strategic builout in Paris and its recruitment appetite for experienced rates traders with institutional market credentials. According to Bloomberg reporting from May 2023, Barclays committed to hiring an additional 200 staff members in its Paris office through 2026, with plans to expand headcount from 300 to 500. The placement of a trader with Coughlan's seniority and background aligns with this expansion strategy.
The pattern of senior traders cycling between major banks and hedge funds reflects broader structural shifts in the rates trading market. Established hedge funds including Brevan Howard have pursued rates talent aggressively, though the durability of some of these hires—particularly those in training-focused pods—may prove limited. Coughlan's return to the banking sector after less than two years in hedge funds illustrates the challenges some managers face in scaling specialized trading operations.
His time at Brevan Howard appears to have been limited. Coughlan exited the hedge fund earlier in 2024 as part of a broader dissolution of a London-based pod that specialized in training junior talent. That pod was operated by Kostas Pantazopoulos, a former Goldman Sachs partner. Neither Brevan Howard nor Coughlan provided comment on the circumstances of his departure.
The hiring move underscores Barclays' strategic builout in Paris and its recruitment appetite for experienced rates traders with institutional market credentials. According to Bloomberg reporting from May 2023, Barclays committed to hiring an additional 200 staff members in its Paris office through 2026, with plans to expand headcount from 300 to 500. The placement of a trader with Coughlan's seniority and background aligns with this expansion strategy.
The pattern of senior traders cycling between major banks and hedge funds reflects broader structural shifts in the rates trading market. Established hedge funds including Brevan Howard have pursued rates talent aggressively, though the durability of some of these hires—particularly those in training-focused pods—may prove limited. Coughlan's return to the banking sector after less than two years in hedge funds illustrates the challenges some managers face in scaling specialized trading operations.
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