Playing On U.s. Soil Barcap Gets Serious About American Expansion

摘要

Jerry del Missier, Barclays Capital's president who moved from London to New York in March to bolster its U.S. business and more tightly manage its credit exposures has quickly made a home in America. The 46-year-old, even-tempered Canadian is charged with dramatically expanding the British bank's revenues in the U.S. by about 20 percent without acquisitions, and his efforts may already be paying off. For the first time, Barcap has become a top ten player in the U.S. debt capital markets, excluding self-funded deals. The latest Dealogic ranking for the first half of 2008 puts Barcap in the seventh slot, with 228 deals worth $73 billion, good for a 6.27 percent market share. Del Missier believes his firm can become a top five player in investment-grade debt by 2011. "The U.S. market is our biggest opportunity, because this is a two-to-three-year window where you can reposition your business. To not take advantage of that would be a golden opportunity missed," he says, declining to put a price tag on the rollout.