Barclays Bank is to sell the management company and associated companies which form Barclays Capital's management buy-out business, Barclays Private Equity, to its management team.
The management team will then re-launch the business as Equistone Partners Europe.
In a statement, the firm said: "Equistone will continue to manage its existing three funds on behalf of its existing investors in those funds. Barclays remains an investor alongside those funds and the largest single investor in Equistone's investments to date.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The value of the gross assets disposed of is expected to be approximately £45m. The transaction is not expected to have a material impact on Barclays earnings per share or capital ratios."
NR
-
8 of the best properties for sale with mountain viewsThe best properties for sale with mountain views – from a former monastery in Brecon Beacons, Wales, to a house on St Lucia with views over the Piton Mountains
-
Spot the Dog: £67bn in underperforming funds revealedAround 137 funds consistently underperformed their benchmark, BestInvest's Spot the Dog report finds. Which funds are in the dog house?
