Barclays sells $12bn of risky assets to Cayman fund

| 16/09/2009

(The Guardian): Barclays is spinning off $12.3bn (£7.47bn) of troublesome assets to a fund based in the Cayman Islands and run by two senior former employees of its Barclays Capital investment management arm. The bank is lending Protium, the newly created fund, $12.6bn to finance the deal, which is also being financed with $450m from the fund’s partners. Protium, which is registered in the Cayman Islands, will be managed by C12 Capital Management, run by two high-profile Barclays Capital staff, Stephen King and Michael Keeley, who will now both leave the bank. C12 Capital Management, based in New York.

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