When Barclays Corporate Banking signed a partnership agreement with Ares Management in December 2015, it looked like a blueprint for future relationships between banks and direct lenders in the mid market.
The non-exclusive deal saw Ares buy a £500 million portfolio of loans from the UK bank. It also looked like a trend: at the same time RBS was busy signing a series of similar partnership agreements with AIG Asset Management, Hermes Investment Management and M&G Investments.
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