Barclays Spinout Glendon Capital Management Plans $1bn Debut Fund
By m rochan | December 5, 2013 11:01 PM EST
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.
To report problems or to leave feedback about this article, e-mail:
To contact the editor, e-mail:
Most Popular Slideshows
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Selena Gomez Turns 22 Today, Celebrates Early without Justin Bieber: Top 12 Interesting Facts About the Singer [SEE PHOTOS]
- Photos from the Crash Site of Malaysia Airlines MH17 In Ukraine
Join the Conversation
- Malaysian Airlines Flight 17: Air Carrier to Give $5,000 Assistance to Victims’ Families; Bankruptcy Looms as 2 Air Mishaps Would Cost Firm Minimum $80.55 M Compensation
- Foxconn And Pegatron Corp Readies For Apple's iPhone 6 Mass Production This Month
- KFC & McDonald’s Accused of Serving ‘Expired’ Meat to Customers
- Malaysian Airlines Ukraine Tragedy Hits Asian Stock Markets
- New Zealand's Largest Snack Food Company Bought for NZ$700 Million
- Fresh Leak Hints iPhone 6 Price and Release Date; 4.7-Inches iPhone 6 Sapphire Display Scratched in Test; New Spigen Cases Out
- iPhone 6 2014 Release Date Very Soon as Apple Orders 120M New iPhones from Foxconn – Report
- Google Nexus 6 on Release Date Will Sport 2K Display Panel & Lower Price Tag – Report
- Motorola Moto G Vs. Xiaomi Mi3 – Low in Price, High -level Features
- FCC Approves Sony Xperia Z3 for U.S. Market
- Killer Xiaomi Mi4 at $369 Likely to Come With 5.0-Inch Display, Snapdragon 801 Processor, 3GB RAM and More
- End of Times Indicators: Japan’s Mount Fuji in ‘Critical State’ to Erupt, Could Affect At Least 1.2M People