RAB loses another senior exec
Just a few days after a surprising profit warning, top salesman Rod Barker has left RAB Capital and moved to rival Renaissance Capital. Mr Barker has been the hedge fund’s highest-profile director after the founders Philip Richards and Michael Alen-Buckley.
His responsibility was enticing institutions and the affluent to park their money in RAB funds. However, the performance of those funds, whose investors include Britain’s richest man, Lakshmi Mittal, has been poor lately, resulting in the company admitting that its profits will stagnate this year.
Furthermore,the company bet it could cash in on the Northern Rock debacle. It is believed that RAB bet over £70 million on a recovery at the crisis-torn bank.
Mr Barker, 43, joined RAB in 2005 from CSFB where he was head of prime brokerage (the part of an investment bank that deals with hedge funds). Prior to that, he had a similar position with Morgan Stanley for 15 years.
Mr Barker is the second director to leave within just a few weeks after one of RAB’s top stockpickers, Schehrezade Sadeque, departed. She left because her ‘work-life balance had got out of kilter’ and she had decided she wanted to spend more time with her family.