Barclays Capital inherited the Lehman Brothers prime broking brand in New York, and has been pushing its team in Asia to build its prime broking presence in the region.
The UK bank is one half of the Lehman prime broking arm that was sawn in half, with Nomura picking up most of the well-known Asia-based Lehman names like Tim Wannenmacher, Richard Norris and Mia Bourgeois.
Jim Olssen is the latest BarCap addition, joining as a prime broking salesman. He was working for UBS in sales in Tokyo, but may relocate for his new role. At UBS, he replaced Bourgeois when she moved to Lehman Brothers. Olssen is understood to have a background as a military quartermaster, so he fitted in perfectly in the sweaty Swat team environment of former Special Services hardman Matt Pecot (who is now leading the prime services charge at Credit Suisse).
BarCap also hired Deutsche Bank's co-head of prime brokerage Ryan Bacher earlier in the summer, and his colleague Carlos Mendes later alighted to join him.
The prime broking team members all ultimately report to Nick Moreira, BarCap's regional head of equities, who has a distinguished history in the region including working in equity derivatives and trading synthetics for CSFB.