Funds News

MOVES-Barclays hires leveraged finance specialist from BAML-source

LONDON, July 31 (Reuters) - Barclays Plc has hired Marc Chowrimootoo from Bank of American Merrill Lynch to join its leveraged finance team in Europe, a person familiar with the matter said.

It is one of several changes in Barclays’ leveraged finance and financial sponsors business in Europe, Middle East and Africa (EMEA) - two areas that work closely together for deals involving private equity firms.

Matt Grinnell is leaving as chairman of EMEA financial sponsors and Andrew Richards is joining the financial sponsor group as managing director from the same team in Asia, the source said.

Barclays has built up its European high yield bond and financial sponsor operations since 2008. It is shrinking its investment bank to cut costs and improve profitability, although most cuts are in fixed income areas and its advisory unit is expected to be less affected.

Richards, who has worked for Barclays in Asia for three years after more than a decade at Morgan Stanley, will report to Karen Frank and Ken McGrath, appointed co-heads of EMEA financial sponsors in November. (Reporting by Steve Slater; Editing by David Holmes)