BCS Barclays PLC

   By Chris Newlands 
   Of Financial News 
 

Edward Bramson met with Old Mutual Global Investors last month in an attempt to win the asset manager's backing for proposed changes the activist wants to make at Barclays.

Bramson, who has amassed a 5% stake in the UK bank, visited the London headquarters of Old Mutual Global Investors in April and met with Richard Buxton, the investment manager's chief executive, according to people familiar with the matter.

Although Bramson has made no public statement of his intentions to shake up Barclays, it is understood the investor wants change at the company's investment banking arm, which could include spinning off the unit.

According to the people familiar with the meeting between Bramson and Buxton, the two were at odds over the health and viability of the investment bank and any planned sale of the unit. A disposal of the investment bank is regarded as too simplistic by Old Mutual Global Investors.

Old Mutual Global Investors is a top-50 shareholder in Barclays, holding a 0.31% stake in the UK lender.

Speaking during a first-quarter earnings call on April 26, Jes Staley, the chief executive of Barclays, said the bank's head of investor relations had already met with Bramson and that a more formal meeting with management was planned for the coming weeks.

Bramson and Sherborne Investors declined to comment.

Website: www.efinancialnews.com

(END) Dow Jones Newswires

May 10, 2018 06:05 ET (10:05 GMT)

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