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Barclays Backs New Endeavour Fund
July 7, 2008
Endeavour Capital, buffeted by huge losses and redemption requests, is launching a new fund with a little help from its friend.
The London-based firm’s new offering is backed by Barlcays. Barclays Capital, which will get a share of the fund’s performance fees, will finance the fund, according to the Wall Street Journal, while Barclays Global Investors may offer it capital introductions.
Endeavour’s US$1 billion flagship has lost 40% this year on bad bets on Japanese government bonds. In March, the firm lost 27% in a single day on so-called “box trades,” forcing it to slash leverage, which was once as high as 17-times.
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