Barclays Appoints Tim Devine as Co-Head of Financial Institutions Group (FIG) M&A

Rhea-AI Summary

Barclays has appointed Tim Devine as Managing Director and Co-Head of Financial Institutions Group (FIG) M&A, based in Chicago. With over 25 years in investment banking, he previously led Specialty Finance at Credit Suisse and was a founding member of Citadel's FIG team. Devine's notable transactions include advising on a $4.1bn sale to Ares Capital and a $7.1bn acquisition of GMAC. His appointment supports Barclays’ strategy in enhancing its FIG M&A franchise, following several key leadership changes within the organization.

Positive

• Tim Devine's extensive experience in investment banking adds valuable expertise to Barclays.
• His appointment signals commitment to strengthening the Financial Institutions Group and M&A capabilities.

Negative

• Potential concerns over continuity with multiple recent leadership changes in Barclays' investment banking division.

Barclays announces the appointment of Tim Devine as a Managing Director and Co-Head of Financial Institutions Group (FIG) M&A. Mr. Devine will be based in Chicago, and will report to Tim Main, Global Head of FIG Banking, and Larry Hamdan, Head of M&A Americas.

Mr. Devine joins Barclays with over twenty-five years of experience in investment banking, most recently as Head of Specialty Finance in the Americas within FIG Banking at Credit Suisse. Prior to joining Credit Suisse in 2011, Mr. Devine was a Managing Director and founding member of the FIG team in Citadel’s investment bank, where he worked until 2009. Mr. Devine started his banking career in 1996 at Salomon Brothers, which ultimately became part of Citigroup. During his thirteen years at Citigroup and its predecessor institutions, Mr. Devine’s primary focus was on the Insurance sector and specialty finance.

Mr. Devine has led the origination and execution of a number of high-profile transactions during his career. These include advising Ocwen in connection with Oaktree’s $250mm holding company investment and $212mm investment in a limited partnership to invest in mortgage servicing rights, advising American Capital on its $4.1bn sale to Ares Capital and related entities, advising PHH Corporation on its sale of assets to four counterparties and ultimate holding company sale to Ocwen, performing the role of lead bookrunner on a $3.5bn common equity and mandatory convertible raise for SLM Corporation, and advising a Cerberus-led consortium on its $7.1bn acquisition of 51% of GMAC from General Motors.

“Tim is an outstanding addition to our team, and his partnership will ensure that we continue to build upon the already strong momentum in our Financial Institutions Group,” said Tim Main, Global Head of FIG Banking at Barclays. “His proven leadership capabilities and extensive experience will further enhance our abilities to provide best in class strategic advice and execution.”

“Tim’s extensive transactional expertise, long-established relationships, and deep sector knowledge will generate considerable value for our clients,” added Gary Posternack, Global Head of M&A at Barclays. “His appointment is further evidence of our commitment to operating a top-tier FIG M&A franchise.”

Mr. Devine will start at Barclays in August 2021. His appointment follows that of Alex Lynch as Chairman of Banking within Barclays Investment Bank in May of last year, the appointment of Gautam Chawla as Vice Chairman in FIG Banking in June, and the appointment of Craig Stine as Vice Chairman in Global FIG Banking in July 2020.

Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. For further information about Barclays, please visit our website www.barclays.com. Barclays offers investment banking products and services in the US through Barclays Capital Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210512005786/en/

FAQ

Who is Tim Devine and what is his role at Barclays?

Tim Devine is appointed as Managing Director and Co-Head of Financial Institutions Group (FIG) M&A at Barclays, bringing over 25 years of investment banking experience.

When did Tim Devine join Barclays?

Tim Devine started at Barclays in August 2021.

What previous positions did Tim Devine hold before joining Barclays?

Before Barclays, Tim Devine was Head of Specialty Finance in the Americas at Credit Suisse and a founding member of the FIG team at Citadel's investment bank.

What impact will Tim Devine's appointment have on Barclays?

His extensive transactional expertise and relationships are expected to enhance Barclays’ strategic advisory and execution in the FIG M&A sector.

What leadership changes occurred at Barclays prior to Tim Devine's appointment?

Prior to Devine's appointment, Barclays announced several key leadership changes, including Alex Lynch as Chairman of Banking and Gautam Chawla as Vice Chairman in FIG Banking.