Barclays’ unit growth fuels financing arm

The British bank has grown its prime business into a critical cog of its financing business, which generates £2.9bil (US$3.6bil or RM16bil) a year, up more than 50% from four years ago. — Bloomberg

NEW YORK: In Barclays Plc’s bid to grow its global investment bank, its business of servicing hedge funds is an increasingly important calling card.

While several of the firm’s rivals have exited prime brokerage after being felled by extreme risk-taking or a broader need to cut costs, Barclays has doubled down.