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The personal fairness group of former Barclays chief govt Bob Diamond has struck a cope with Qatar to fund a brand new distressed asset car.
Atlas Service provider Capital, which was co-founded by Diamond nearly a decade in the past, has acquired a non-binding dedication of $100mn from the Qatar Monetary Centre (QFC), the Doha-based web site by way of which worldwide firms are likely to do enterprise within the nation.
The brand new funding fund, which can be suggested by Atlas Service provider, is searching for to boost $1.5bn from different institutional traders forward of closing subsequent yr.
Diamond established Atlas Service provider Capital in 2013 to accumulate undesirable property from banks. He based the group with David Schamis, who beforehand labored at personal fairness agency JC Flowers, after Diamond was ousted from Barclays in 2012 over the Libor rate-rigging scandal.
Atlas Service provider invests in a number of monetary providers firms. It purchased the stockbroker Panmure Gordon with QInvest, an funding car of the Qatari royal household, in 2017 for £15.5mn.
Diamond put in his former Barclays colleague, Wealthy Ricci, as chief govt in 2020.
Diamond was chief govt of Barclays from 2011 and oversaw the financial institution’s opening of a regional workplace in Doha and a pure assets personal fairness fund through which Qatar invested $250mn.
The financial institution’s connections with Qatar have come beneath the highlight in recent times after it acquired rescue funding from the nation throughout the monetary disaster.
This led to a high-profile court docket case involving three former bankers and the alleged funnelling of secret charges to Qatar in return for the emergency financing. The bankers have been acquitted in 2020.
Ricci, who ran Barclays’ funding financial institution from 2009 to 2013, was dubbed one of many “three musketeers” together with Diamond and former colleague Jerry del Missier, for quickly rising Barclays earlier than the monetary disaster.
Atlas Service provider confirmed the settlement. QFC didn’t reply to a request for remark, however stated in an announcement to Bloomberg that “latest world crises have created a chance for personal funding within the sector”.
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