Barclays eyes sale of $10bn 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 price tag thought to be around $10bn.

The sale could derail the bank's £3bn sale of its iShares unit to London-based CVC Capital, announced in March this year, as the agreement gives Barclays has until 18 June to shop around for better offers. It has been reported that private equity firms BC Partners and Hellman & Friedman are rival bidders for the iShares unit, if that divestiture pushes ahead.

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.

Barclays shares rose 7.5% on the London Stock Exchange to 272 pence.

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