Barclays’ asset finance business bounces back — and now it’s targeting CMBS too

Barclays is preparing to go toe-to-toe with the market leading US firms with its revived asset finance operation in EMEA — and it is adding commercial real estate capabilities as well. Under previous chief executive Antony Jenkins, Barclays cut back people and balance sheet across the investment bank — and this landed hard on European ABS, with trading head Stuart Calnan, sales head Chris Carnell, and the whole research team let go. According to three rival bankers, these firms reap rewards from having maintained their ABCP conduits — BNP Paribas still has Starbird, Matchpoint, and Scaldis, now all fully supported, while Natixis, Lloyds, and HSBC also have extensive conduit businesses. [...]hedge funds active in the asset class, particularly at the mezzanine and junior end of the capital structure, wanted to source leverage for these bonds — a specialist activity which requires deep bond expertise only the ABS trading desks could provide.