Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Barclays Spent $50 Million to Poach This Trader. And Now He's Leaving

Julia La Roche, Business Insider
Dougal Waters | Iconica | Getty Images

Star commodity trader and gnarly surfer, Todd Edgar, is once again making waves in the financial world.

Edgar and his team of fellow proprietary traders are leaving Barclays Capital after being poached from a rival firm to start a new hedge fund.

The details for why he's leaving the bank are unclear, but Barclay's can't be too pleased by this move.

Edgar first came to BarCap in 2009 after he and his team were poached from JPMorgan. BarCap reportedly paid Edgar and his team a $50 million cash and shares package.

This caused JPMorgan to complain to the Financial Services Authority.

Not surprisingly, JPMorgan was not happy about the Edgar being poached. One reason being that in 2008 Edgar reportedly brought in $100 million profit for the bank single-handedly.

Edgar, who is said to be an avid surfer, is used to riding the unpredictable gold market, which paid off for him big time while at JPMorgan.

Trader Monthly—a lifestyle magazine that closed in 2009—awarded Edgar with the "Commodities Trade of the Year" in 2007. He was given the award for a "Fort Knox-sized heist" on the gold market when he was a managing director at JPMorgan.

He was only 35 at the time, but he apparently has guts.

“To have the cojones to stick with a trade like that in a year when everyone is selling is unbelievable,” said a fellow commodities trader.

Edgar studied at the University of New South Wales.

His favorite surfing spot is in the Mentawai Islands west of Sumatra, Indonesia.

This story originally appeared on Business Insider

The New York Times SLAMS Obama

The Latest Look At Bank Of America's Big Fire Sale

Obama Looks To The Super Committee To Solve All Of His Problems FIGHT: Nouriel Roubini Has 4 Questions For ZeroHedge _____________________________

Read more from Business Insider:

Questions? Comments? Email us at

Follow NetNet on Twitter @

Facebook us @