ACTIVIST investor Edward Bramson's firm Sherborne confirmed yesterday that it had taken a five per cent stake in Barclays.
Bramson had been an investor for a while, but his stake has now topped the five per cent mark where it has to be disclosed.
In a statement yesterday, Sherborne said: "Funds managed by Sherborne Investors, including the partnership, have acquired in the aggregate 5.2 per cent of the voting rights of Barclays."
As of 16 March, the company had invested £580m of its capital in Barclays shares and derivatives.
Back in 2015, Bramson had focused his attention on Electra, pushing to be added to the company's board.
This latest move puts the spotlight firmly on Barclays' restructuring efforts.
Last month, Barclays said it would restore its full dividend this year, with chief executive Jes Staley promising to target growth in the group's investment banking arm.
He called 2017 a year of "considerable strategic progress" for the bank. "The sell-down of our shareholding in Barclays Africa, closure of our noncore unit, the establishment of our service company, and the creation of our UK ring-fenced bank, mean that, in terms of size and structure, we are now the diversified transatlantic consumer and wholesale bank we set out in our strategy in March 2016," Staley said.
Separately the bank announced that it had reshuffled its board ahead of the creation of a separate retail and small business bank, as required by the UK's ring-fencing legislation.
The bank is transferring its UK retail and small business operations to a new bank, Barclays Bank UK.
Barclays Bank PLC will continue to own the group's corporate and investment bank, international private banking and non-UK cards business. It will also remain the listed parent of the group.
Sir Gerry Grimstone will chair Barclays PLC while Sir Ian Cheshire will chair Barclays Bank UK.
(c) 2018 City A.M., source Newspaper