Shares rise as Barclays lines up sale of $10m asset management unit

Barclays is reportedly in talks with US asset manager BlackRock and Bank of New York Mellon to sell its asset management unit, Barclays Global Investors (BGI), with the asking price thought to be around $10bn.

The sale could derail the bank's £3bn sale of its iShares unit to CVC Capital, which was announced in March this year, as the agreement gives Barclays until 18 June to shop around for better offers. BC Partners, until recently thought to be in talks with Barclays, has shelved its $5bn bid.

BGI has more than £1trn of funds under managment. The $10bn sale of BGI would make it the largest ever in the fund-management industry.

As of mid-May, Barclays' shares rose 7.5% on the London Stock Exchange to 272 pence per share.

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