Barclays’ QRT relationship tops $100bn
Barclays has expanded the scale of its trading relationship with Qube Research & Technologies to more than $100bn in gross notional positions, underscoring the growing importance of the multi-strategy hedge fund to the bank’s prime brokerage operation, according to a report by Bloomberg.
Barclays has witnessed a substantial growth in its trading relationship with Qube Research & Technologies (QRT), surpassing $100 billion in gross notional positions, as reported by Bloomberg. The London-based multi-strategy hedge fund has become one of Barclays' largest prime brokerage clients, according to sources familiar with the relationship.
The $100 billion figure represents the gross face value of QRT's positions managed through Barclays, before considering any offsetting trades, which does not reflect the bank's actual economic exposure. Barclays emphasized that its net exposure remains significantly lower after accounting for offsetting positions, collateral, and other risk controls.
QRT, with assets under management around $55 billion, collaborates with a network of banks to facilitate its trading operations, including 15 entities for equities and around 30 for fixed-income repurchase agreements. Among its other prime brokers are JPMorgan, Goldman Sachs, Morgan Stanley, and UBS. Established in 2018 through a management buyout involving approximately 100 employees, QRT has evolved into a substantial multi-strategy hedge fund offering both quantitative and discretionary trading capabilities.
As of March, the firm's regulatory assets had risen to approximately $575 billion, a 65% increase from two years prior.
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