MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, August 2, 2002 Barclays Takes Down For Sale Sign London banker Barclays will not sell its Barclays Global Investors (BGI) unit after all, reported Reuters yesterday. The firm had conducted a strategic review to determine what to do with the San Francisco-based unit. One of the options reported at the time was a sale of the unit. BGI would reportedly have been sold in a management buyout. Now, though, London-based managers have decided instead to grow the business. "Following a recent thorough strategic review, we see new opportunities for BGI to further extend its global leadership and accelerate growth in profitability and contribution to the group," Matt Barrett, chief executive, told a news conference. There is speculation that Barclays failed to find a buyer willing to meet its price. BGI is best known as a manager of low-margin index funds. That business is of little interest to most other investment managers. Still, Barrett told the press conference that its product mix, including its exchange-traded funds line, leaves it well-positioned in the market. "Institutional clients are disillusioned with the conventional active asset management results, and our leading global position in both the index business and in quantitative- based active strategies are increasingly attractive to our clients," said Barrett. Printed from: MFWire.com/story.asp?s=3238 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |