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Activist investor Edward Bramson abandons tussle with Barclays, selling 6% stake
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Sherborne dumps Barclays stake after three-year battle over strategy
Fri, 7th May 2021 10:03
(Alliance News) - Sherborne Investors Management LP, the investment vehicle of activist Edward Bramson, on Friday said it has sold its entire 6.0% stake in Barclays PLC.
It ends a three-year battle between Sherborne and the London-based bank, during which the activist tried to force cutbacks and oust Chief Executive Jes Staley. Sherborne had called for Staley to be removed in April 2020 over his links to Jeffrey Epstein.
Shares in Barclays were up 1.9% to 180.48 pence in London. Based on the bank s market capitalisation on Friday, which is at GBP30.70 billion, the stake is worth around GBP1.81 billion.
Activist investor Edward Bramson has sold his entire 6 per cent stake in Barclays, he announced today.
The move marks the end of a high-profile, three-year battle to overhaul the bank by Bramson, who, since buying the stake in 2018, has tried to scale back Barclays investment banking arm and remove chief executive Jes Staley.
Sherborne Investors, Bramson s investment vechicle, said it was selling the stake to focus on another company that offered a better return to its shareholders than Barclays - although it did not name it.
Onto new pastures: Sherborne Investors, Bramson s investment vechicle, said it was selling the stake to focus on another company that offered a better return to its shareholders
(Adds investor comment, further context on Sherborne fund)
LONDON, May 7 (Reuters) - Activist investor Edward Bramson
has sold his firm s 6% stake in Barclays, disbanding a
three-year effort to overhaul the British bank and ending a
stand-off with chief executive Jes Staley.
Bramson s fund, Sherborne Investors, had pressured Staley
since 2018 to scale back investment banking and demanded his
removal over his links to U.S. financier and registered sex
offender Jeffrey Epstein, but Bramson struggled to gain much
traction.
The value of the Sherborne vehicle dedicated to the Barclays
stake has fallen by around 150 million pounds ($209 million)
compared to the 700 million pounds it raised when it was formed
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