Jeremy Froud, one of the architects of the sterling bond market who helped build Barclays' debt capital market business into one of the leading franchises during 28 years at the bank, has died after suddenly being taken ill. He was 55.
Froud was DCM partner at Newbridge Advisors, which he joined in November 2018 after his long career at Barclays investment bank, where he was head of UK debt capital markets.
Former colleagues said Froud was instrumental in building Barclays' UK DCM business and the sterling market in general. One person who worked with him described him as the king of the sterling bond market.
"He had incredible reach and influence beyond Barclays, with issuers, investors, competitor banks, lawyers, ratings agencies and regulators, who enjoyed working with him and trusted his judgement implicitly," said Charlotte Weir, head of corporate debt capital markets for EMEA at Barclays.
"Jeremy spent 28 years at Barclays, where he built the corporate DCM business in Europe from scratch to a number one market position. Working with him during this time, he was a fantastic role model for any young banker and he became the go-to person for the sterling bond market in general," Weir said.
"This sad news is an enormous loss to the market as well as to his friends and family, where his generosity and kind-heartedness will be sorely missed."
Former colleagues said Froud was strongly opinionated but someone who always had time and good advice for colleagues and clients, and he kept a cool head in a crisis.
"He was very generous, very kind and very understanding and forgiving. He was always a pleasure to work for, and then subsequently with," said Grant Vaughan, a partner at Newbridge, who also worked with Froud at Barclays from 2006 to 2012.
Froud started at Barclays in April 1990 and led its rise from a small bond franchise in the BZW days to a dominant position in UK DCM, first for UK corporates and then for corporates globally. He built relationships with debt issuers across sectors, including utilities, real estate, social housing and infrastructure, and worked on debut issues for borrowers in every major bond market.
"This market used to be viewed as a small domestic market, but is now a well-trodden path not only for UK corporates but global corporates. Jeremy was one of the architects of that growth and a key part of the development of whole business securitisation technology," Weir said.
Froud's work leading the charge on whole business securitisation structures for UK utilities included landmark deals by Anglian Water in 2002 and then Thames Water in August 2007, when it securitised its regulated water and wastewater businesses to simplify its financing.
He was also proud of his work on early corporate hybrid transactions and in the social housing sector, where he developed financing structures and was known to every housing association in the country, former colleagues said.
Froud enjoyed visiting Portugal, where he owned a house, and often went with his wider family and friends - enjoying good food and drink as a way to unwind from work.
Before joining Barclays, Froud worked for two years at James Capel in corporate finance after a year at Greenwell Montagu in corporate broking.
IFR offers its condolences to all his family, friends and former colleagues.