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
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
Join the Conversation
- Tesco Facing Crisis After Chairman Quits Citing Accounting Scandal In The Retail Giant
- Australian Federal Court Fines Reebok $350,000 & Orders Refunds For Shoe Endorsed By Miranda Kerr That Claims Unproven Health Benefits
- Sydney Software Firm Bigcommerce Teams Up With Alibaba To Beat Amazon
- Perth Call Centre Staff Bad In English And Not Philippine And Indian Counterparts, Telstra Boss Says
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- ASUS Releases A Teaser Indicating The Arrival of New Zenfone and ZenWatch On October 28
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Three Dual SIM Samsung Galaxy Note 4 Duos Variants Comes To China
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- ‘Lone Wolf’ Attack on Canada Parliament Hill Could be ISIS-Related
- Android Lollipop 5.0 Confirmed for Nov 3 Rollout as Nexus 6 Global Release Date is Delayed – Reports