Barclays is in talks about selling asset management arm Barclays Global Investors for about $10bn, with potential bidders including US money manager Blackrock, according to people familiar with the matter, The Financial Times says.
Talks on the potential sale of BGI are the outcome of an initial auction for iShares, the fast-growing exchange-traded funds unit of BGI, which Barclays agreed to sell to CVC Capital Partners, the private equity group, for $4.2bn last month. Under a "go-shop" provision of that sale, Barclays can seek alternative bidders for iShares until June 18. The bank must pay a $175m break-up fee to CVC if it selects an alternative bid. BlackRock manages $1,280bn. Buying BGI would give BlackRock a huge boost in exchange-traded funds, one of the hottest areas of asset management. Full story...
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