Barclays spins out $2B+ team into new distressed debt hedge fund Cloverfield

By Rob Copeland

Mon Dec 10, 2012


Matthew Barrett's Cloverfield Capital Management has high hopes, $25 million minimum investment.


Barclays Capital will spin out a West Coast trading operation at the end of this year, recasting the venture as a hedge fund named Cloverfield Capital Management, according to people familiar with the plans.

Matthew Barrett, head of the British bank's distressed debt and special situations investing, will resign to lead the new fund, which has some in the industry buzzing about the New Year's first multi-billion dollar launch. Cloverfield will retain the right to invest across all asset classes, though Barrett is likely to...

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