Exotix sees opportunities in distress

The financial crisis was a shock for the Gulf’s officials and business leaders, prompting unfamiliar debt restructurings and defaults. But for some it has been a time of opportunity.

Exotix, a boutique investment bank based in London and backed by Icap, the interdealer broker, is used to operating on the less-explored edges of the financial system. It has forged a name as a leading broker of esoteric securities such as North Korean bonds, and is now eyeing the Middle East for further growth.

The frontier-markets house, founded as a fixed-income specialist after the LTCM hedge fund imploded in 1998, has been involved in some of the region’s most troubled instruments. It now plans to open an office with six full-time staff in Dubai next month.