- The lender nears a significant partnership with AGL Credit Management.
- Abu Dhabi Investment Authority will anchor the partnership’s first $1 billion fund.
Barclays is on the verge of a significant partnership with AGL Credit Management in the rapidly expanding $1.5 trillion private credit market. The collaboration aims to bring together Barclay’s loan origination capabilities and AGL’s expertise in credit investments.
According to sources who shared information with Bloomberg, the Abu Dhabi Investment Authority (ADIA) is in advanced discussions to act as the partner’s inaugural fund anchor investor. The fund is expected to have an equity commitment of at least $1 billion at launch.
AGL, co-founded by seasoned banker Peter Gleysteen and the late Thomas Lee, has traditionally focused on bank loans and collateralized loan obligations (CLOs). However, their recent hiring of Taylor Boswell, a former executive from Carlyle Group, signals the firm’s move into direct lending, Bloomberg reported.
Barclays and AGL have been actively seeking opportunities to establish operations in the private credit sector. Barclays, in particular, has reportedly allocated significant resources on its balance sheet to support the partnership between the duo.
Barclays Trims Workforce
Conversely, Barclays is in the process of implementing significant job cuts across its trading and investment banking divisions, according to reports from Bloomberg News. This decision comes as the British lending group seeks to reduce costs amid a slow market.
The bank reportedly plans to reduce its workforce by dismissing around 5% of client-facing staff in the trading division and some dealmakers globally. Additionally, there are reportedly plans to restructure teams within Barclay’s UK consumer banking unit.
While Barclays and its industry peers have experienced a slowdown in trading revenue compared to the previous year, the bank has made several notable hires in its markets division. These include the appointments of Scott McDavid as Global Head of Equities, Igor Cashyn as the Head of US inflation trading, and Torsten Schoeneborn as Co-Head of Group of 10 Forex Trading.
