LONDON - Robert E. Diamond Jr., who was ousted as chief executive of Barclays nearly 18 months ago amid a rate-fixing scandal, is back.
Mr. Diamond has raised $325 million for a new venture, known as Atlas Mara, which will focus on potential acquisitions in the African financial sector, but will not be limited to that sector or region. The fund-raising was well above the target of $250 million and includes $20 million from the founders.
“The directors believe that there are significant gaps in the market today including the need for capital created by European financial institutions retreating to their home territories due to the sovereign debt crisis and the Basel III regulatory framework at a critical time for growth in Africa,†the company said.
In Atlas Mara, Mr. Diamond, 62, has partnered with Ashish J. Thakkar, 32, an entrepreneur whose Mara Group conglomerate has technology, manufacturing and real estate operations and interests in 19 African countries.
Mr. Thakkar began his career by setting up a technology business in Uganda at age 15. The name of the cash-shell vehicle reflects the conglomerate and Atlas Merchant Capital, a merchant bank Mr. Diamond has founded.
Atlas Mara expects to list on the London Stock Exchange on Friday, with conditional trading of the stock beginning on Tuesday.
Citigroup acted as the sole global co-coordinator and bookrunner on the deal.
The new venture is a return to the financial industry for Mr. Diamond, the once high-flying Wall Street executive.
He resigned from Barclays in July 2012 under pressure from government regulators. In June of that year, the bank agreed to pay $450 million to British and American authorities to settle charges that it had manipulated a global benchmark, the London interbank offered rate, or Libor.
A former bond trader at Morgan Stanley, he worked at Credit Suisse and BZW, which became the foundation of what became Barclays’ investment business, Barclays Capital. Mr. Diamond built that business into a global giant and became chief executive of the parent company Barclays in January 2011.
