Barclays To Spin Off $2 Billion Trading Desk

Dec 11 2012 | 11:31am 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: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

Business Insider has been reporting on the unusual trading activity of a mystery trader who placed a profitable short equity bet to the tune of $21 million on the Aug. 10 move in the CBOE Volatility Index (VIX).