Barclays Capital announced today it was setting up dedicated fixed income prime brokerage units in London and New York to service the increased demand for corporate and government bonds and their related derivatives and financing instruments.
The new Fixed Income Prime Brokerage Service Unit will be part of Barclays Capital’s equity prime brokerage and futures clearing businesses. Ashish Patel will head the corporate bond prime brokerage team in London, and Enevieve Mensah will be dedicated to servicing accounts in this sector. Maureen Horn will head the team in New York with Tomas Giraldo and Jacqueline Moore servicing the accounts. Between them, says Barclays, they have over 20 years’ experience in delivering prime brokerage to global clients.
Last year, Barclays Capital added Investment Grade High Yield and Asset Backed Securities to its prime brokerage platform and was the first in the industry to offer a hub and spoke Fixed Income Prime Brokerage service enabling clients to trade government securities and derivatives with various dealers. It also allows the completed transactions to be given up to Barclays on a principal basis.
“Dedicating Prime Brokerage resources to the Government and Corporate Bond sector may in fact be unique to the marketplace, but it is 100% consistent with our stated goal of offering risk management and financing solutions to our global clients across a multi asset class platform,” explains Kevin Mirabile, Managing Director and Global Head of Collateralized Finance at Barclays Capital in New York. “We are currently evaluating the further extension of our prime brokerage platform to include Foreign Exchange, Energy and other Commodities.”