Barclays Capital, the investment banking division of Barclays in London, is launching a new FX outsourcing service for corporate and institutional clients by forming a currency overlay team. Andy Winterton, formerly European head at Banc One Currency Advisors, has been appointed as director of the overlay team. Mark Thomas, a former colleague of Winterton’s at Banc One has also joined as an associate director.
Created in August the overlay team is close to signing its first contract. Winterton says they are developing an advisory capability already in existence at Barclays. At Bank One the two specialised in the modelling approach to risk management and most houses offer either the fund manager approach based on fundamentals and economics, or more quantitative modelling.
Says Winterton: “The good thing about coming here is that we already had the fund manager type approach set up on an advisory basis so I’ve been able to incorporate that together with the modelling experience Mark and I have.
Corporates will be their main clients but pension funds and fund managers will also be targeted.