Barclays Restructures USD12.3B In Toxic Assets
Barclays Capital is restructuring USD12.3 billion of structured credit assets through a sale to Protium Finance, a newly created Cayman Islands fund. Protium will pay C12 Capital Management—a new management company led by Stephen King, former head of Barclays’ principal mortgage trading group, and Michael Keeley, member of Barclays’ management committee covering European financial institutions—USD40 million a year to manage the assets.
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