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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of