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Barclays in Global Investments sale talks

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Barclays is discussing the possible sale of its Barclays Global Investments unit, potentially derailing an earlier agreement to sell its iShares business, it has been reported.

Barclays is discussing the possible sale of its Barclays Global Investments unit, potentially derailing an earlier agreement to sell its iShares business, it has been reported.

Last month, Barclays agreed to sell iShares, part of Barclays Global Investments, to CVC Capital Partners for USD4.4bn. However, the agreement allowed Barclays until 18 June  to make a better deal and pay a USD175m break up fee to CVC.

The Financial Times said Barclays was discussing a potential USD10bn sale of Global Investments with New York-based BlackRock., which manages USD1.28trn in assets.

Barclays and BlackRock declined to comment on the report.

Barclays put iShares on the market as it looked to shore up its capital position without resorting to a government bailout.

San Francisco-based iShares accounts for more than half of Barclays Global Investment’s profits despite managing less than a quarter of the operation’s assets.

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