Saturday, 21st November 2009

 

17 September 2009 - Press Briefing

Barclays offloads $12.3bn of toxic assets to Cayman Islands fund

Stephen King and Michael Keeley are leading a group of 45 traders who are quitting Barclays Capital to run Protium, a new Cayman Islands-registered fund that is purchasing $12.3bn (€8.3bn) of Barclays’ most toxic assets, according to a report in The Guardian, London.

Under the deal terms, C12 Capital Management, a New York-based firm to be launched by King and Keeley, will manage Protium which will be financed by $450m of working capital offered by two leading US investors and other unidentified partners, as well as by a $12.6bn 10-year loan from Barclays itself.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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