Tuesday, 24 May 2016
Last updated 1 hour ago
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.