Another FBI guy...
The former head of equities at Barclays in the US, who left amid cuts to the senior ranks of its investment bank earlier this year, has re-emerged with his own hedge fund venture.
Eric Schlanger, who had worked at Barclays for almost a decade, has launched District 2 Capital — a hedge fund focused on investments in distressed equities. He hopes to raise $100m in assets.
Schlanger has teamed up with Michael Bigger, a former Citigroup and D.E. Shaw trader who has been running his own family office since 2001.
“Working for a large institution means you end up working on problems that you weren’t necessarily put on this earth to solve and may not affect the bottom line,” said Schlanger. “I’m a trader and I want to make money, so being in a number of bureaucratic meetings is not necessarily why I came to Wall Street in the first place.”
Schlanger, a former special agent for the Federal Bureau of Investigations, retired from Barclays in April after nearly 10 years at the firm.
He led Barclays’ equity business for the Americas for nearly five years, and held various senior positions in the division. He worked as an equity derivatives trader at Lehman Brothers for over six years until the bank's collapse and acquisition by Barclays in 2008.
Before joining Lehman, he worked at hedge fund Parallax Volatility Advisers and views launching District 2 Capital as a return to his roots. “At the moment, it’s Michael and I working alongside our wives, both of whom have MBAs. Our focus is on expanding the [assets], and then we’ll look to build out the business,” said Schlanger.
Barclays announced Schlanger’s successor in May, naming Todd Sandoz, the former head of equities and execution services at Nomura, as head of equities for the Americas. Its equities division made £590m in the first quarter of 2018, up 28% on the same period last year.
To contact the author of this story with feedback or news, email Paul Clarke
Financial News London
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