Hedge Funds

Nylon seeks new partner as Barclays Capital decides to cut ties

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Nylon Capital, the five-year-old London-based macro firm led by well-known bond trader Alan Burnell, is seeking a new strategic partner following an unexpected recent decision by Barclays to withdraw its investment in the firm.

Barclays Capital - where Burnell previously worked as head of European rate trading, following similar senior roles at Deutsche and Merrill - was the major investor in Nylon when it launched in 2005 and took a minority 19.5% stake in the firm from inception.

Following a poor first two years, the fund was restructured from a relative value fixed-income fund into a diversified global macro