Ajay Nagpal, Head of Barclays Prime Services, Is Leaving the Firm

Ajay Nagpal, head of Prime Services at Barclays, is leaving the firm to join the buy side, Global Custodian has learned.

A source with direct knowledge of Nagpal’s departure confirmed the move.

Nagpal is still at Barclays but is expected to leave imminently, the source said. The firm has not named a successor but is expected to do so soon.

In the interregnum, other executives within Prime Services – including the heads of Capital Introductions, Prime Services Distribution and various regional heads – will be overseeing the business, according to the source.

In Global Custodian’s 2012 Prime Brokerage Survey, Barclays was named “a serious competitor to the incumbent powers in this business” following extensive growth in the business and in the number of its survey respondents. The survey cited Barclays’ “thriving office in Hong Kong to match those in London and New York.”

A Barclays spokesperson declined to comment.

Before Barclays, Nagpal worked at J.P. Morgan and then Lehman Brothers, where he held various leadership roles within its Capital Markets division. Barclays acquired parts of the North American business of Lehman Brothers at the outset of the financial crisis in September 2008.