Barclays Spinout Glendon Capital Management Plans $1bn Debut Fund

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By m rochan | December 5, 2013 11:01 PM EST

Logos are seen outside a branch of Barclays bank in London, in July, 2013 (Reuters).

A new firm founded by former Barclays executives, Glendon Capital Management, is looking to raise about $1bn ahead of the launch of its first fund, according to media reports.

Glendon, formed in April, is expected to roll out its $1bn (£610m, €735m) debut fund in the first half of 2014, reported peHUB.

Glendon was formed by Matthew Barrett, the former head of distressed debt and special situations investing at Barclays, and by former managing directors Holly Kim and Brian Berman.

The three worked at Barclays from 2006 to 2013, according to regulatory filings by Glendon. They all joined the British bank from Oaktree Capital Management.

Glendon has about $2.8bn in assets under management, which includes some funds from Barclays and from other client accounts.

Barclays allowed Glendon to raise capital from external investors and they are likely to invest in the new fund.

Glendon is headquartered in California, US.

Barclays hived the team off earlier in the year and continues to manage Barclays money. The team has generated around a 17% annual rate of return since 2007.

Libor and Euribor Fix Scandals

Barclays and seven other banking giants were fined a combined total of €1.71bn by the European Commission (EC) for rigging the key benchmark interest rates Libor and Euribor.

The EC said on 4 December that Libor and Euribor fixing was committed in two separate cartels.

In the first, Barclays, Deutsche, Société Générale and RBS are accused of operating in a cartel between September 2005 and May 2008 in the Euro interest rate derivatives market.

The second cartel involved Japanese yen interest rate derivatives. Those involved in this group were UBS, RBS, Deutsche, JPMorgan, Citigroup and RP Martin.

Barclays avoided a €690m ($938m, £573m) fine for blowing the whistle on the cartel.

Barclays Bankers Jailed

In November, two Barclays bank employees were sentenced to five years imprisonment following their roles in £1.3 million worth of fraud on old age pensioners.

Karl Edwards, 44 and Andrew Waters, 26 appeared at the Birmingham Crown Court following the fraudulent activities, they received five years each.

The court heard that the bankers targeted three victims who were all over the age of 80.

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