Todd Edgar

HFMWEEK.COM: Todd Edgar: Star banker Todd Edgar and his team of nearly a dozen fellow commodities traders are to leave Barclays as part of a stream of cuts designed to shed overheads and put the UK bank on target to hit profit targets, the FT reports. Edgar – previously one of JP Morgan’s top proprietary traders – stoked the political storm over bankers’ pay in 2009 when it emerged that he and four members of his proprietary trading team had been poached by Barclays Capital on a two-year deal worth as much as £30m ($49.3m). He and his colleagues now plan to set up a hedge fund by the end of the year.

A trade group representing hedge funds spent more than $1m in the second quarter lobbying federal officials on new regulations that will expand disclosure requirements for the funds, writes Forbes. The $1.03m that the Managed Funds Association spent was down slightly from the $1.09m it spent in the same quarter a year ago, but up from the $950,000 spent in this year's first quarter.

Maverick Capital, the $9bn Dallas hedge fund run by Lee Ainslie, high-tailed it out of a relatively new position in Goldman Sachs during the second quarter, says the Wall Street Journal. The fund sold its entire 817,742 shares of Goldman between April and June, according to a quarterly securities filing. That sale was an abrupt about-face considering Maverick only bought the stake in the first three months of the year. The exact timing of Maverick's purchases and sales of Goldman shares isn't reflected in the filings, but Goldman shares have fallen 31% this year. By HFMWEEK