Barclays To Spin Off $2 Billion Trading Desk

Dec 11 2012 | 10:31am ET

Next year's first billion-dollar hedge fund launch is set to emerge from Barclays Capital.

The bank will spin-off its Los Angeles-based trading operation at the end of the year, Absolute Return magazine reports. The resulting firm will be known as Cloverfield Capital Management, and will focus on distressed debt.

Cloverfield is led by Matthew Barrett, Barclay's head of distressed debt and special situations investing. The firm will have the ability to invest across all asset classes, according to AR.

Barrett's team currently manages more than $2 billion.

Barrett has been with Barclays for almost six years. A former managing director of Oaktree Capital Management's Opportunities Funds, he joined the bank in February 2007.

Cloverfield will have a $25 million minimum investment requirement.


In Depth

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note