Eaglewood Capital Management Chief Executive Officer Jon Barlow, who helped his investment firm become the first to bundle loans from a so-called peer-to-peer lender into bonds, has left the company, according to three people with knowledge of the matter.
The former Lehman Brothers Holdings Inc. trader departed this month from the firm he founded in 2011, said the people, who asked not to be identified because the decision wasn’t public. London-based hedge-fund management firm Marshall Wace last year bought a 90 percent stake in the asset manager, which Barlow built up by acquiring loans originated by LendingClub Corp.
Nancy Lynch, general counsel for New York-based Eaglewood, and Barlow didn’t return telephone messages. Laura Conaghan, a spokeswoman for Marshall Wace at Maitland, declined to comment.
Eaglewood said in an April 25, 2014, statement announcing the stake sale that Barlow’s firm would be integrated with other peer-to-peer investments made earlier by Marshall Wace and that Barlow would lead the business.
Eaglewood has been the sub-investment manager for P2P Global Investments Plc, an investment firm focused on peer-to-peer assets and publicly traded in London that raised 250 million pounds ($384 million) in a January offering. P2P Global shares tumbled 1.8 percent Wednesday, cutting its return over the past year to 4.4 percent.
In 2013, Eaglewood packaged unsecured consumer loans made by LendingClub into bonds in a $53 million transaction described as the first securitization of debt originated by such an online platform.
While LendingClub and competitors including Prosper Marketplace Inc. originally focused on matching retail investors with borrowers, an influx of institutional buyers of their loans have transformed and expanded the industry, leading it to also be known as marketplace lending.