Barclays has confirmed takeover interest in its BGI asset management arm
The banking giant is already offloading its iShares fund management business, which is the most profitable part of BGI, in an agreed £3bn sale to CVC Capital Partners.
However, Barclays said it had received a number of rival approaches for the iShares business under the ‘go shop’ clause in its sale to CVC, including interest in the wider BGI business.
A report in the Financial Times said the group was in negotiations with possible bidders including US fund manager BlackRock over a deal for BGI, which is one of the bank’s most valuable assets.
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Shares rose 6% as investors cheered the prospect of a bidding battle for BGI.
A sale of the business could also net further hefty windfalls for top managers who own shares in BGI, including a possible £12.5m payout for Barclays’ investment banking chief Bob Diamond.
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